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Financial news
Bulletine Finance 


2017 August 10 ( Thursday )  16:47:34
Print version
Русский Azərbaycan

 

E-mortgage System Integrated into E-government Portal

Baku / 10.08.17 / Turan: The electronic mortgage system is integrated into the e-government portal and those who want to get a mortgage through the Azerbaijan Mortgage Fund can register their appeal through this portal.

In the portal of e-government there is a link "Appeal for a mortgage loan".

You can apply for a mortgage through an electronic signature or ASAN Imza.

Persons who have previously received a mortgage will be able to control their electronic office by means of a simplified username. -------71D

Ministry of Finance to Hold Auction on Placement of Bonds Totaling AZN 10 Million

Baku / 10.08.17 / Turan: The Ministry of Finance will hold an auction at the Baku Stock Exchange (BSE) on placement of bonds totaling 10 million manat on August 15, the BSE reported.

The circulation term of bonds at a face value of 100 manats each is 91 days. The date of payment on the bonds is on November 14. Pasha Capital JSC acts as an underwriter. ------71D

AFB Bank Completed Second Quarter with Profit

Baku / 10.08.17 / Turan: Assets of AFB Bank in the second quarter increased by 105.322 million manats or 36% compared to the beginning of the year, amounting to 397.981 million manats.

Over the reporting period, the bank's liabilities increased by 47.6% or 102.826 thousand manats and reached 318.582 million manats.

In particular, the volume of deposits in the bank amounts to 174.648 million manats, including call deposits of individuals - 19.396 million manats, call deposits of legal entities - AZN 116.486 million, timed deposits of individuals - AZN 6.345 million, and timed deposits of legal entities - 32.419 million manats.

The bank"s capital for the indicated time amounted to 79.398 million manats (an increase of 2.495 million manats or 3.2%).

In the second quarter, AFB Bank showed a net profit of 173,000 manats. -----71D

USD Rate at Currency Auction Not Changed

Baku / 10.08.17 / Turan: At the currency auction of the Central Bank of Azerbaijan on Thursday, the dollar rate remained unchanged at the level of 1,7007 manats.

The population can buy dollars in commercial banks in the range of 1.70-1.71 manats, and sell them at 1.66-1.6970 manats.

The euro exchange rate slightly fell from 1.9965 manats to 1.9960 manats on August 10.

Commercial banks sell euros in the range 2.00-2.0155 manats, and buy them at 1.9482-1.99 manats. -71D-

Financial Market Supervision Authority Announces Program of Practice for Bachelors and Masters

Baku / 10.08.17 / Turan: The Financial Market Supervision Authority (FIMSA) announced a competition for the program of practice for 2017 for students and graduates in the field of finance.

The practice will be conducted in the areas of law, banking, insurance and capital markets control, as well as payment systems, prudential policies and methodology, international relations, finance, human resources management, and the secretariat.

In the program of practice, graduates of bachelor"s degree and students of master"s degree can take part. The program will be held from September to December 2017. ----71D

Number of POS Terminals Decreased by 2.5%

Baku / 10.08.17 / Turan: The number of ATMs increased by 1.9% to the previous year, the Central Bank of Azerbaijan informs. So, according to statistics, at the beginning of July this year, the number of installed ATMs was 2,501, which is 1.9% more than in the same period in 2016.

According to the CBA, as of July 1, there were 1,358 ATMs installed in Baku (an increase of 2.7%) and 1,143 in the regions (an increase of 1%). In the meantime, in January-June of 2017 there was a reduction in the number of POS terminals installed at trade and service facilities within the country. In particular, according to the data at the beginning of July, there were 70,019 units of this equipment in Azerbaijan (a 2.5% decrease).

There are 39,759 POS terminals in Baku (a decline of 1.9%) and 30,260 in the regions (a 3.3% decrease). 69,003 or 98.5% of all POS terminals have been installed in retail outlets. -30D-

Capital Bank in Gandja Branch Offers Rent of Deposit Safes

Baku / 10.08.17 / Turan: Capital Bank within the framework of the branch network optimization project began offering customers the lease of individual bank deposit safes in the Gandja branch located at 24 Javadkhan Street.

The bank"s depositary meets all requirements and standards in the field of security, is under round the clock security and is equipped with a video surveillance complex.

Individual bank safes are convenient and reliable for the safe storage of legal and business documents, jewelry, precious metals, securities, works of art, or other items. Depending on the size, the price for renting a cell for at least 1 month starts from 30 manats.

It should be noted that along with the development of the capital's branches, Capital Bank strives to improve and develop regional branches, offering its clients various services. Also before the opening of this service in the Gandja branch, deposit safes were provided to the bank's clients in the branches of Sabail, Merkez and Ganjlik.

Capital Bank renders services to the population in 92 branches and 7 sub-branches throughout the country, having the widest network of services. For more information about the bank's products and services, please visit the website www.kapitalbank.az, the bank's pages in social networks, and also by calling the customer service center at number 196. -30D-

Foreign Currency Deposits of Population Decrease

Baku / 10.08.17 / Turan: In January-June of this year, the currency deposits of Azerbaijani citizens decreased by 14.5%, amounting to 5 billion 68.7 million manats, or 73.4% of total deposits of the population, the Central Bank said.

In comparison, last year the share of deposits of citizens in foreign currency was at the level of 79.6%. In general, in January-June 2017, the population's bank deposits fell by 7.3% to 6 billion 907.1 million manats.

According to the Central Bank, in January-June 2017, the volume of individual deposits in the national currency increased by 21.2% to 1 billion 838.4 million manats or 26.6% of all deposits.

As of July 1, 2017, the volume of bank deposits of residents was 6 billion 93.1 million manats, and this index of non-residents was 814 million manats. In January-June 2017, residents" deposits decreased by 6%, and non-residents" deposits decreased by 15.8%. In general, as of July 1, 2017, the volume of deposits with banks in Azerbaijan was 21 billion 595.4 million manats, which is 2.2% less than the index at the end of 2016. -30D-

Is IBA Preparing for Second Default?

Baku / 10.08.17 / Turan: "The bank keeps afloat hard. There is an outflow of qualified specialists, and inexperienced staff comes to a low salary in their places. Worst of all, investors do not extend their deposit accounts, but close them, transferring the deposits to other banks. In a word, the situation is very bad," one of the employees of the International Bank of Azerbaijan (IBA) told Turan on condition of anonymity, requested to comment on the new report of the authoritative rating agency Fitch Ratings about this credit institution.

Fitch unveiled a new analysis on the prospects for optimizing the IBA. The document notes that the restructuring of the bank"s external liabilities may not be sufficient to improve it.

"The impact of devaluation, as before, is reflected in the economy. The evolution of the structure of monetary policy in Azerbaijan lags behind other oil producers in the CIS. Restructuring of the IBA"s debt obligations, at the cost of potential reputation damage, may not be sufficient to restore the bank"s financial condition," the report said.

State support provided to the IBA since 2013 amounted to 27% of GDP in 2016. A stronger IBA, which ultimately can play an effective role in financial intermediation, will support the economy. However, Fitch analysts are not sure whether the goal will be to restructure external debts. This step is the government"s recent efforts to improve the country"s dominant bank. It is known that in May the bank suspended payments on external debt, and then by means of pressure it received the consent of creditors who possessed at least two-thirds of the total liabilities of $ 3.34 billion.

As noted in the material, a significant part of the country"s banking sector is still experiencing serious problems. At the end of June 2017, the share of overdue loans was 24% of the total loan portfolio, and the capital adequacy was 11.8%. However, it is unlikely that the government is able to provide support to other players in this sector.

Thus, signs of recovery of the IBA after default on external liabilities have not yet been observed and the forecasts are not very comforting.

The banking expert Akram Hasanov agrees with Fitch. In an interview with Turan, the expert said it is necessary to urgently launch the process of privatization of the IBA, especially since it is about saving the country"s leading bank, which has a bad reputation. Poor management and unsecured multibillion-dollar loans have led it to a dangerous line. In a series of urgent measures there are complete replacement of the management, transfer of the bank to new shareholders, the conduct of transparent business, and the optimization of its infrastructure.

"Otherwise, the state plan for saving the IBA can fail. However, in the current circumstances, the Cabinet of Ministers shows a dangerous carelessness and slowness. According to information, the privatization process will begin next year. Why? What are the reasons? To postpone the solution of the problem brings closer the collapse of the bank. Moreover, the IBA completed the past year with large losses, and this year its situation has not improved. Yet another default looms on the horizon, this time on domestic loans," Hasanov emphasizes.

The events around the IBA are closely watched by the experts of the rating agencies Moody"s and Standard & Poor"s. The latter left the sovereign credit ratings of Azerbaijan at the level of BB + / B, meaning "junk" rating, last week.

"I no longer trust the International Bank and the Ministry of Finance of Azerbaijan. The problems can be much broader and deeper than we think," said Moody"s Vice President Peter Paklin, commenting on the feasibility of the bank"s external debt restructuring plan (bbc.com).

According to Greg Saichin from Allianz Global Investors, which also manages the IBA bonds, Azerbaijan should not have forced the debt holders to suffer losses from reputational reasons. Moreover, the financial gain from this for the bank and the government is minimal - by some estimates, not more than $ 350 million.

The actions of the Azerbaijani authorities in the first place will entail a significant increase in the cost of loans for the country and the complexity with which it will face when raising funds to finance its large-scale projects.

Foreign currencies rates fixed by Central Bank

1 ABŞ dollarıUSD1.7007
1 AvroEUR1.996
1 Avstraliya dollarıAUD1.3397
1 Argentina pesosuARS0.0961
1 Belarus rubluBYN0.8703
1 Braziliya rialıBRL0.5389
1 BƏƏ dirhəmiAED0.463
1 Cənubi Afrika randıZAR0.1265
100 Cənubi Korea vonuKRW0.1488
1 Çexiya kronuCZK0.0763
100 Çili pesosuCLP0.2624
1 Çin yuanıCNY0.2549
1 Danimarka kronuDKK0.2683
1 Gürcü larisiGEL0.7113
1 Honq Konq dollarıHKD0.2176
1 Hindistan rupisiINR0.0266
1 İngilis funt sterlinqiGBP2.2095
100 İndoneziya rupiasıIDR0.0127
100 İran rialıIRR0.0045
1 İsveç kronuSEK0.2077
1 İsveçrə frankıCHF1.7616
1 İsrail şekeliILS0.4729
1 Kanada dollarıCAD1.3374
1 Küveyt dinarıKWD5.6322
1 Qazaxıstan tengəsiKZT0.0051
1 Qırğız somuKGS0.0245
100 Livan funtuLBP0.1129
1 Malayziya rinqqitiMYR0.3961
1 Meksika pesosuMXN0.0948
1 Moldova leyiMDL0.0953
1 Misir funtuEGP0.0957
1 Norveç kronuNOK0.2137
100 Özbək somuUZS0.0412
1 Polşa zlotasıPLN0.4675
1 Rusiya rubluRUB0.0283
1 Sinqapur dollarıSGD1.2463
1 Səudiyyə Ərəbistanı rialıSAR0.4535
1 SDR (BVF-nun xüsusi borcalma hüquqları)SDR2.3952
1 Türk lirəsiTRY0.4805
1 Tayvan dollarıTWD0.0561
1 Tacik somonisiTJS0.1932
1 Yeni türkmən manatıTMT0.4859
1 Ukrayna qrivnasıUAH0.0661
100 Yapon yeniJPY1.546
1 Yeni Zelandiya dollarıNZD1.2432
QızılXAU2171.8704
GümüşXAG28.7476
PlatinXPT1654.0838
PalladiumXPD1519.6265