The Assets and Liabilities of the Banking Sector in July Grew in Roughly Proportional Way
The total assets of banks in Azerbaijan fell in July by 199.79 million or 1.4% to 14,978.58 million ($ 19.1 billion). Since the beginning of the year the banking assets grew by 7.4%, while for the year they grew by 1,701.56 million or 12.8%.
According to the Central Bank of Azerbaijan, on August 1, 2012 the amount of cash in banks was AZN 649 million, the funds in correspondent accounts amounted to 1,087.2 million manat, lending the financial sector made up 628.4 million manat, crediting the customers totaled 9,619.4 million AZN, investment was 1,274 million AZN, and other assets were up to 1,720.6 million manat.
The banks' liabilities increased in the reported period by 154.37 million or 1.2% to 12,709.95 mln. Of these, 6,710.6 million manat provided deposits, 4,527.7 million manat was liabilities to the financial sector and 1,471.7 million manat was other liabilities.
The total capital of banks decreased during the year by 40.1 million manat or 1.7%, and in July it rose by 45.4 million manat, or 2 percent to 2,268.6 million ($ 2.89 billion). -15B -
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review