JSC Turanbank in the first seven months of 2012 had a net profit before tax of 2.1 million manat, which is 12.5% ??less than the figure recorded a year earlier. The earnings were equal to 12.7 million manat and the expenditures were 10.6 million manat, increasing by 18.7% and 27.7%.
The assets increased in January-July by 9.3% to 189.5 million manat. The volume of issued and corporate loans grew by 21.9% and amounted to 148.2 million manat.
The deposit portfolio increased by 11.6% to 82.3 million manat, of which 51.5 million manat fell on urgent investments of the population.
The aggregate capital increased by 2.7% to 26.7 million manat, and the paid charter capital grew by 8.2% to 23.8 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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