Effects of 35% devaluation of the manat continue to affect the bank deposits of the population. As of June 1 for a month, they decreased by 1.5% and amounted to 7.6011 billion manats.
Of course, they still exceed the value of 1 January 2015 by 1,206,000,000 manats, but got leaky at 331.6 million mantas, following the devaluation of the national currency on 21 February when it was registered a record volume of deposits in the amount of 7,932,700,000 manats. Bank deposits fell after devaluation by 4.3%.
With the continued deterioration of economic indicators for the country and a protracted crisis can be expected to continue declining trend in contributions, but not to a great extent. In the context of financial and economic risks deposits with current interest rate of 8% -11% are more reliable source of income. The state guarantee on deposits is 30,000 manats for each deposit. -0-
Economics
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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Azerbaijan Railways (AZD) has launched rail transit shipments from Zira Port, located 45 kilometers east of Baku, strengthening the country's position as a logistics hub on the Middle Corridor.
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