Total assets of Azerbaijani banks increased in May of this year at 212.2 million or 1.1% to 19,192 million manat. From the beginning, bank assets grew by 8.8% and for the year to 4,371.1 million or 29.5%.
According to the Central Bank of Azerbaijan, credit investments as of June 1 totaled 13,052.7 million manat, a decrease in the reporting month by 0.9%. Over the past year, lending to the economy grew by 26.3%.
Deposits in banks in May increased by 123.2 million or 2.1% to 5891.5 million manat. This figure since the beginning of the year grew by 15.2%, and for 12 months - 36%.
The total capital of the banking sector has increased in the reporting month by 46.7 million or 1.7% amounting to 2770.8 million manat. During the year the figure rose to 700.6 million or 33.8%. - 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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