Azerbaijan Deposit Insurance Fund (ADIF) has selected MuganBank, Bank Republic and AG Bank as agents for payment of compensations to the depositors of the recently shut down Royal Bank.
ADIF reported that since August 1, 2012 all deposits up to 30,000 AZN will be fully compensated. 98% deposits in Royal Bank were secured by the state, ADIF said.
ADIF has been operating since August 2007. Its members are 43 of 45 of banks operating in the country. Maximum size of insurance compensation per deposit is 30,000 AZN. Since June 1, 2010 the Fund does not insure the deposits with the interest rate over 12% per annum.—0--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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