Total assets of banks in Azerbaijan rose in May of this year by 212.24 million or 1.1% to 19,192 million manat. From the beginning, the bank assets increased 8.8% and for the year - by 29.5%.
According to the Central Bank of Azerbaijan, on June 1, 2013 the amount of cash in banks amounted to 720.6 million manat, funds in correspondent accounts amounted to 1,243.8 million manat, lending financial sector - 675.7 million manat, customer lending - 12,165.5 mln AZN, investment - 1,607.3 million manats, other assets - up to 2,779.1 million manat.
Liabilities of banks increased in the reporting month by 153.98 million or 0.9% to 16,419.10 million manat. Of these, 8,487.1 million manat was deposits, 5,542.6 million manat - funds with the financial sector and 2,389.4 million manat - other liabilities.
The total capital of banks increased over the year by 585.7 million or 26.7%, and in May - by 58.3 million manat, or 2.1 percent to 2,772.9 million manat. - 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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