Total assets of Azerbaijani banks widened in February this year to 272.1 million or 1.3% to 20,818.5 million manat. From the beginning, the bank's assets grew by 25%.
According to the Azerbaijani Central Bank, credit investments on March 1, 2014 amounted to 15153.7 million manat, increasing the reporting month by 0.8%. Over the last year the economy grew lending by 27.7 %.
Deposits in banks in February rose by 140.3 million or 2.2 %, to 6,591.7 million manat. This figure from the beginning of the year grew by 22%.
The total capital of the banking sector increased in the reporting month to 114.8 million or 3.3% amounting to 3575.6 million manat. During the year the figure rose to 928.7 million or 35%. In many ways, this growth has contributed to the CBA decision about a fivefold increase in the requirements to the minimum level of total capital of banks. The decision was due to come into force on 1 January this year, but then for reasons of financial stability oversight body has delayed its performance for the year. -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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