The Volume of Unsecured Loans Fell by Nearly Half
Foreign capital in the amount of $ 4,411.5 million was held by business entities of Azerbaijan in the first half of this year. This is $ 409.6 million, or 10.2% more than in the corresponding period of 2011.
According to the balance of payments, foreign direct investment increased by $ 495.6 mln, or 25%, to $ 2,496.1 million with the non-oil sector, the volume of direct investments increased by $ 34.2 million or 8.2% to $ 451.3 million.
Loans and other investments in the national economy decreased 4.4%. At the same time, loans with a state guarantee decreased by 25.7% to $ 451.5 million and non-guaranteed loans - by 49.1% to $ 593.3 million, including the non-oil sector - by 22.2% to $ 593 , 1 million
Most of unsecured loans in the oil sector has been involved banks in the amount of $ 502.5 million, which is 5.5% more than in January-June 2011.
Other investments increased by 3.8 times to $ 868.6 million in the reporting period, the country was the oil bonus of $ 2 million
In the first six months of 2012, the country paid off for credits $ 1,133.5 million, of which 41.6% ($ 471.3 million) was paid by banks, 13.3% ($ 150.7 million) - state loans and loans with state guarantee, 35.2% ($ 399.1 million) - the oil and gas sector, and 9.9% ($ 112.4 million) - in other companies and businesses. - 15B -
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- Economics
- 11 September 2012 17:32
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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