Interest rate of the deposit insurance system in local banks was reduced to 10%. That is, in case of a bank failure, the residents and non-residents who invested the money at a rate exceeding 10% per annum, will be deprived of the possibility to return their funds.
According to the site of the Azerbaijan Deposit Insurance Fund (http://www.adif.az/?~/aze/news/full/1/144) , studies have documented reduction in deposits of 12% (today's high.) For this reason, the board of trustees of ADIF has decided that there is a need to reduce the rate. Innovation will come into force on 1 August.
The maximum level of guaranteed coverage for each contribution is 30,000 manats.
ADIF started operating on August 13, 2007. Today, members of the foundation are 42 banks. Forty three banks operate in Azerbaijan. --17D—
Economics
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A business meeting took place between the Chamber of Auditors of the Republic of Azerbaijan and Reanda International Network Limited on July 26, aiming to study advanced global practices in independent financial control and expand their application in Azerbaijan. This initiative follows the program instructions of the Azerbaijani president, the Chamber of Auditors reported.
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Azerbaijan's inflation for the 12 months ending in June stood at 1.1%, with core inflation at 0.8%, the chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, announced at a press conference on Monday. Annual food inflation was recorded at 0.2%, non-food inflation at 1%, and services inflation at 2.4%.
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The State Oil Company of Azerbaijan (SOCAR) and Italy's Eni S.p.A. have signed a Memorandum of Understanding (MoU) focused on energy transition. Azerbaijani Economy Minister Mikail Jabbarov announced the agreement on his account on the social network "X".
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Azerbaijani Economy Minister Mikail Jabbarov met on July 29 with Ali Kibar, Chairman of Turkish conglomerate Kibar Holding, to discuss strengthening bilateral cooperation, boosting investment in industrial production, and supporting partnerships in the energy sector.
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