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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Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
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Turkish companies YDA and ASFAT plan to build a shipyard near Kazakhstan's port of Kuryk to address the country's domestic fleet shortage, Kazakhstan's Minister of Transport Marat Karabaev announced on Monday during a parliamentary session. The project underscores Kazakhstan's ambitions to strengthen its maritime capabilities and logistics infrastructure.
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Kazakhstan's Minister of Transport, Marat Karabayev, unveiled the country’s bold roadmap for transforming itself into a premier transport and logistics hub in Eurasia. Speaking in parliament on Monday, Karabayev detailed strategies to capture a share of the massive $1 trillion annual freight flows between the East-West and North-South corridors.
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The ASCO-owned ferry "Shahdag," freshly refurbished, has resumed operations on the Azerbaijan-Kazakhstan route, aiming to alleviate severe truck congestion at ports on both sides of the Caspian Sea.
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