Total assets of Azerbaijani banks increased in November by 511.3 million AZN or 3.1% to 16,821.2 mln AZN. Since the beginning of the year the banking assets grew by 20.6%, and for the year - by 3.1565 billion manat or 23.1%.
According to the Central Bank of Azerbaijan, credit investments on December 1 totaled 11,721.3 mln, an increase in the reported period by 2.6%. Over the past year, lending to the economy grew by 22.1%.
Deposits in banks in November increased 73.3 million or 1.6%, to 4,763 million manat. This indicator grew by 15.6% since the beginning of 2012, and for 12 months - by 24.4%.
The aggregate capital of the banking sector increased in the reported period by 87.5 million or 3.7%, amounting to 2,447.8 million manat. During the year the figure rose by 397.4 million or 19.4%. - 15B -
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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