Azerbaijan Deposit Insurance Fund (ADIF) has announced a virtual amnesty on bank deposit accounts from 9% to 12% per annum. Although since May 19 of last year the maximum rate on deposits attracted by the banks and to be insured has been reduced to 9%, all deposit accounts up to 12% are considered to be insured as of 24 February this year.
According to the management of ADIF, this is done to mitigate the effect of the devaluation of the manat.
"This decision means that deposits attracted by banks in Azerbaijan after August 1, 2013 at a rate of up to 12% are insured. Deposits at a rate higher than 12% are not insured.
Recall that from August 1, 2013 the maximum rate on deposits attracted by the banks and subject to insurance was already reduced from 12% to 10% and from 19 May 2014 - to 9%. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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