Total credit resources allocated by the credit institutions by July 1 of this year amounted to 13.8 billion manat (+30.1% compared to the same period last year.)
According to the State Statistics Committee, 10.2 billion of that amount are long-term, and 768.7 million or 5.6% are delayed loans.
Bank deposits amounted to the equivalent of 5.9 billion manat, of which 3.6 billion - investments in local, 2.3 billion - in foreign currency.
June's average exchange rate of manat to 1 U.S. dollar was 78 kopecks against the euro - 1.04 manat to 100 Russian rubles - 2.43 AZN. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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