As of March 1, 2013 assets of TuranBank totaled 218.8 million manat, increasing by 28.2% compared to the same period of 2012. At balance sheet date the loan portfolio amounted to 163.6 million manat, which is 1.3% more than at the beginning of 2013 and by 29.2% than in the same period in 2012.
In January-February 2013, the portfolio of deposits increased by 3.8%, while compared to the same period in 2012 by 20.5%. In the structure of the deposit portfolio of term deposits amounted to 58.2 million manat, increasing by 8.6%.
Aggregate capital of TuranBank in comparison with the beginning of the year increased 2.8% to 34.8 million manat. The authorized capital from the beginning of the year increased 36.4% reaching the level of 30 million manat.
By results of January-February 2013, the revenues and expenses of the bank were respectively 4 million and 3.1 million manat. Balance sheet profit for the period was 0.93 million manat. - 15D -
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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