Azerbaijan Deposit Insurance Fund has started selection of the bank-agent to pay compensations to the depositors of Royal Bank.
The Fund reported that all deposits up to 30,000 AZN will be fully compensated. 98% deposits in Royal Bank were guaranteed by the state, the Fund reported.
The Fund has been operating since August 2007. Its members are 43 of 45 banks operating in the country. Minimum size of insurance compensation per deposit is 30,000 AZN. Since June 1, 2010 the Fund does not insure the deposits and the interest rates do not exceed 12% per annum.—0—
Economics
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Kazakhstan’s budget airline FlyArystan has launched ticket sales for the Baku-Astana-Baku route ahead of the summer travel season, the airline’s press service said on Monday.
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In late February, the governments of Pakistan and Azerbaijan are expected to sign an investment agreement worth $2 billion, which will include several projects with SOCAR (State Oil Company of Azerbaijan). According to Turan, the energy cooperation projects discussed in January in Islamabad and Baku will feature in the agreement. These projects include energy efficiency initiatives, the construction of a pipeline, and SOCAR’s plans to explore the creation of underground gas storage facilities in Pakistan, as well as documents provided by the Pakistani side related to the exploration and extraction of hydrocarbons in the country.
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Azerbaijan continues to face an acute water shortage that affects both drinking and irrigation supplies, a problem that, despite frequent media attention, remains unresolved. Farmers are particularly feeling the pressure.
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BAKU, Feb 3 (Reuters) - Representatives from Azerbaijan’s State Tax Service (STS) participated in the latest session of the working group on tax, customs, and legal issues hosted by the German-Azerbaijani Chamber of Commerce.
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