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 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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