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Financial news
Bulletine Finance 


2017 July 31 ( Monday )  16:43:15
Print version
Русский Azərbaycan

 

CBA Raised Deposits of 700 Million Manat from Banks in July

Baku / 07/31/17 / Turan: At the auction held on July 31, the Central Bank of Azerbaijan attracted 100 million manat from banks at 10.01% per annum for a period of 14 days.

According to the CBA, the need of banks that participated in the auction, the number of which is not indicated, amounted to 369.7 million manat.

In July, the CBA borrowed 700 million manat of deposits at five auctions. At the same time, the total demand for these auctions was 2 billion 845 million manat.

The Central Bank holds deposit auctions in order to maintain the current liquidity of banks that are experiencing difficulties in placing funds in connection with the economic crisis. -08D-

CBA Raised 369.7 Million Manat

Baku / 07/31/17 / Turan: In the regular deposit auction on raising funds held by the Central Bank on July 31, 2017, demand amounted to 369.7 million manat, and the weighted average interest rate on deposit transactions concluded as a result of trades was 10.01% . -0-

IBA Launches another Campaign for Holders of Salary and Pension Cards

Baku / 31.07.17 / Turan: The International Bank of Azerbaijan launches another campaign under the slogan Privilege for Age, the IBA website informs. So, clients will receive from the bank a cash loan with the opportunity to take advantage of the appropriate benefits depending on the age. "In other words, clients will receive a loan now, and the payment of the main debt can be made after the end of the grace period," the bank's website says.

Benefits depending on the age will look like this: for customers aged 18-44 years at the time of payment 1 month grace period + 1% discount; for clients aged 45 and above at the time of payment 2 months grace period + 2% discount.

"The campaign is active from 1 to 15 August inclusive. Holders of salary and pension cards of the International Bank of Azerbaijan can receive cash loans designed to meet consumer needs of customers in all branches of the bank. To do this, it is sufficient to approach a branch of the bank with an identity card. The annual interest rate on the loan starts at 25%. At the time of approval of the loan, the client can connect to the Auto Payment system to make monthly payments without coming to the bank," the IBA reported.

Other products and services of the International Bank of Azerbaijan can be found in the operating 36 branches and 40 sub-branches, as well as on the website www.ibar.az. -0--

S & P Global Ratings Notes Low Efficiency of Monetary Policy in Azerbaijan

Baku / 07/31/17 / Turan: S & P analysts consider the monetary policy pursued by the Azerbaijani authorities to be ineffective. "At the same time, we believe the flexibility of the exchange rate of the manat helped reduce the pressure on the national currency rate and on reducing foreign exchange reserves. At the same time, we note the limited capacity of the Central Bank to influence the situation," the international rating agency said in a statement.

S & P Global Ratings considers the banking system of Azerbaijan to be weak and vulnerable to difficult economic conditions.

"The proposed plan for restructuring the external obligations of the International Bank of Azerbaijan (IBA) was approved by foreign creditors on July 18. According to our estimates, this will increase the state debt of Azerbaijan by about 9% of GDP, including 6% of GDP directly due to the need for issuing state Eurobonds and 3 % of GDP on deposits of the State Oil Fund of Azerbaijan in the IBA, which will also affect the restructuring," the report says.

At the same time, S & P excluded the SOFAZ deposits in IBA, which are subject to restructuring, from the calculation of Azerbaijan's state-owned liquid assets.

"We do not expect the situation with the IBA will have wide consequences for other banks in Azerbaijan. Nevertheless, we believe the domestic banking system remains weak and vulnerable to difficult economic conditions. According to the Central Bank of Azerbaijan, the share of non-performing loans as of May 2017 was 12%, but we believe that in reality the level of toxic assets is higher," S & P Global Ratings experts note. -0-

Government Receives New Share on Gold Contract

Baku / 07/31/17/Turan: Anglo-Asian Mining Company handed over to the government of Azerbaijan the next batch of gold in the amount of 11,655.2 troy ounces or 362.6 kg of Sample 999.9, the Ministry of Finance informs.

The gold was received by the State Service for Supervision of Precious Metals and Precious Stones of the Ministry of Finance and placed in the Central Bank of Azerbaijan for storage.

Since the beginning of gold mining in the Kedabek field in the Kedabek region, the government of Azerbaijan has received 60 813.8 troy ounces of gold as a profitable share, the total value of which is estimated at 75.8 million US dollars.

PSA type agreement on exploration, production and operation of six gold-bearing deposits of Azerbaijan was signed in August 1997 with RV Investment Group Services (USA). In order to attract investment in the project, the contractor created the joint stock company Anglo-Asian Mining. -08D-

S & P Global Ratings Forecasts Twofold Increase in Foreign Exchange Reserves of CBA

Baku / 31.07.17 / Turan: S & P Global Ratings forecasts growth of foreign exchange reserves of the Central Bank of Azerbaijan by 2.06 times in 2017-2020.

By the end of this year, the currency reserves of the Central Bank will reach $ 5 billion 757 million compared to $ 3 billion 974 million at the end of 2016, according to the website of the international rating agency.

According to the S & P, by the end of 2018, the Central Bank's currency reserves should increase to $ 6 billion 287 million, by 2020 - to $ 7 billion 223 million, and by 2021 - to $ 8 billion 192 million.

As it was informed earlier, as of July 1, 2017, the currency reserves of the Central Bank of Azerbaijan totaled $ 4 billion 964.1 million and for the first half-year they increased by 24.9%.

Reserves of the CBA began to decline from July 2014. If in the beginning this process proceeded at a slow rate (in the range of 20-50 million dollars), then, beginning from December 2014, there was a sharp reduction in the amount of reserves, which is associated with an increase in demand for the dollar supply in the country.

Meanwhile, in 2016, the growth of foreign exchange reserves was observed in March (by 0.9 percent), April (by 1.35 percent), May (by 3.97 percent), August (by 0.7 percent) and November (by 0.14 percent). This year there is a stable increase in the Central Bank's foreign exchange reserves - by $ 989.7 million (24.9 percent) since early 2017.

The accumulation of currency by the Central Bank became possible due to a decrease in the demand for foreign currency from commercial banks and the population. The fall in domestic demand for freely convertible currency led to the fact that banks in the currency auctions conducted by the CBA did not fully buy out the dollars set by the State Oil Fund of Azerbaijan. -0-

28.2% of Budget Investments Spent

Baku / 07/31/17 / Turan: In the first half of this year, ministries and departments, as well as state companies, spent AZN 771.5 million or 28.2% of state investments allocated for 2017 from the state budget, according to the State Statistics Committee.

645.6 million manat was used for construction and installation works this year. According to the SSC, 83.5% of state investments are spent by the following structures: the Ministries of Economy, Education, Healthcare, Defense Industry, and Youth and Sports, Azeravtoyol OJSC, Azerisiq OJSC, Azersu OJSC, Melioration and Water Economy OJSC, Azerbaijan Railways CJSC, Baku Subway CJSC, Special Presidential Medical Service, State Housing Development Agency and Gandja Executive Power.

This year the budget investments were allocated not by the Cabinet of Ministers, but personally by President Ilham Aliyev. The presidential decree on the allocation of funds in the amount of 2 billion 731.3 million manat for investment projects was not made public. -08D-

Foreign currencies rates fixed by Central Bank

1 ABŞ dollarıUSD1.7009
1 AvroEUR1.9963
1 Avstraliya dollarıAUD1.3571
1 Argentina pesosuARS0.0956
1 Belarus rubluBYN0.8774
1 Braziliya rialıBRL0.543
1 BƏƏ dirhəmiAED0.4631
1 Cənubi Afrika randıZAR0.1308
100 Cənubi Korea vonuKRW0.1517
1 Çexiya kronuCZK0.0766
100 Çili pesosuCLP0.2602
1 Çin yuanıCNY0.2528
1 Danimarka kronuDKK0.2685
1 Gürcü larisiGEL0.7075
1 Honq Konq dollarıHKD0.2178
1 Hindistan rupisiINR0.0265
1 İngilis funt sterlinqiGBP2.2326
100 İndoneziya rupiasıIDR0.0128
100 İran rialıIRR0.0047
1 İsveç kronuSEK0.2095
1 İsveçrə frankıCHF1.7564
1 İsrail şekeliILS0.478
1 Kanada dollarıCAD1.3639
1 Küveyt dinarıKWD5.6405
1 Qazaxıstan tengəsiKZT0.0052
1 Qırğız somuKGS0.0246
100 Livan funtuLBP0.1128
1 Malayziya rinqqitiMYR0.3975
1 Meksika pesosuMXN0.0957
1 Moldova leyiMDL0.0941
1 Misir funtuEGP0.095
1 Norveç kronuNOK0.2149
100 Özbək somuUZS0.0418
1 Polşa zlotasıPLN0.469
1 Rusiya rubluRUB0.0285
1 Sinqapur dollarıSGD1.2529
1 Səudiyyə Ərəbistanı rialıSAR0.4536
1 SDR (BVF-nun xüsusi borcalma hüquqları)SDR2.3907
1 Türk lirəsiTRY0.4815
1 Tayvan dollarıTWD0.0563
1 Tacik somonisiTJS0.1931
1 Yeni türkmən manatıTMT0.4867
1 Ukrayna qrivnasıUAH0.0656
100 Yapon yeniJPY1.5391
1 Yeni Zelandiya dollarıNZD1.277
QızılXAU2151.4684
GümüşXAG28.4186
PlatinXPT1576.7343
PalladiumXPD1488.2875