The credit portfolio of the non-bank credit organization TBC Credit expanded in January -September 2013 by $ 3.83 million or 10.5% , to $ 40.32 million. During the reporting period, the company increased its microcredit $ 2 19 million or 26.3 % to $ 10.52 million.
Assets of the company increased $ 4.36 million or 11.4% to $ 42.43 million and the company's customer base expanded by 11.1 percent to 4.03 million people.
The share of problem loans in the total loan portfolio increased 0.24 percentage points to 0.81 %, and this share in the micro-credits grew by 0.26 percentage points up to 0.44%.
The company has credited a total of $ 150.061 million, of which $ 33.466 million was micro credit.
TBC Credit provides loans for a term of one to 10 years. The loan amount varies from 300 to 200 000 manat. The interest rate starts from 18 percent and above. The portfolio is dominated by traditional business loans. -15D -
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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