2017 November 01 ( Wednesday ) 17:18:57
- Over 80% of Concessional Loans Finance 2% of Projects
- Access Bank Completed Third Quarter with Loss Exceeding AZN 48 Million
- Validity Period of Last Paper Policies on Compulsory Motor Third Party Liability Insurance Expired
- Finance Ministry Places State Bonds of Three-Year Turnover Period
- Foreign currencies rates fixed by Central Bank
Baku / 01.11.17 / Turan: The National Entrepreneurship Support Fund (NESF) provided 1,270 soft loans through authorized banks for a total of 96.5 million manat in January-September 2017. For the third quarter, the Fund allocated over AZN 33.3 million to over 600 entrepreneurs.
According to the NESF, this year 25 major projects have been financed (the need for soft loans is up to 10 million manat). The companies received 78.5 million manat of loans for these projects. This amounts to 81.3% of the total volume of the Fund"s loans this year.
For nine months, the NESF financed 36 projects for industrial production in the amount of 30.8 million manat and 5 projects for processing agricultural products for the amount of 2.5 million manat. Over 3.3 million manat of loans have been allocated for financing five tourism projects. The bulk of loans (1,221 projects, 58.6 million manat) is aimed at the production of agricultural products.
The NESF has twice conducted a tender to select an auditor of the financial statements for the coming year. However, each time the number of participants did not reach the required level - at least 3 applicants. -----08D
Baku / 01.11.17 / Turan: Access Bank"s assets in the third quarter of 2017 decreased by 202 million 087 thousand manat or 19.2% compared to the same period of the previous year, amounting to 852 million 001 thousand manat.
During the reporting period, the bank"s liabilities decreased by 196 million 415 thousand manat or 20.2% and amounted to 773 million 644 thousand manat.
The deposits reached 376 million 792 thousand manat (an increase of 107 million 615 thousand manat or 40%).
The debt of Access Bank to the Central Bank of Azerbaijan for this period declined from 30 million manat to 10 million manat.
Deposits from banks and other financial organizations for the year decreased from 73 million 091 thousand manat to 36 million 868 thousand manat, and loans from other financial institutions decreased from 503 million 284 thousand manat to 269 million 755 thousand manat.
The bank"s capital decreased by 5 million 672 thousand manat or 6.8%, amounting to 78 million 357 thousand manat.
Access Bank completed the first three quarters of the year with a loss of 48 million 298 thousand manat. -71D-
Baku / 01.11.17 / Turan: On October 31, the insurance coverage period for compulsory motor third party liability insurance (MTPL) concluded on paper earlier (until 23:59, October 31, 2016) was over.
Thus, the MTPL policies, written out on paper forms, are completely excluded from circulation.
It should be noted that from November 1, 2016 in Azerbaijan, compulsory MTPL insurance contracts are concluded solely in the form of an electronic document. -71D-
Baku / 01.11.17 / Turan: The Finance Ministry placed state bonds with a three-year turnover term (state medium-term bonds, SMTB) on October 31. All the auctioned securities were sold.
At the auction, the bonds were sold to investors for the amount of AZN 20 million, the average weighted yield on which was 10.17% per annum. In terms of applications, the yield reached 12.9%. The Finance Ministry forecasted a yield of 15% per annum for these SMTB. At the auction, the demand for them exceeded the supply by AZN 39 million.
Earlier, the Finance Ministry brought securities with a circulation period of 91, 182 and 364 days, and 2 years for the auctions. Rates on the yield of three-year bonds may also indicate the government"s expectations of inflation in the coming years.
This year, the Finance Ministry issued medium-term bonds worth AZN 100 million to cover the state budget deficit. In general, the total volume of the issue of bonds is 700 million manat. In 2018, the government intends to issue government bonds in the same volume. ----- 08D
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