Effects of 35% devaluation of the manat continue to affect the bank deposits of the population. As of June 1 for a month, they decreased by 1.5% and amounted to 7.6011 billion manats.
Of course, they still exceed the value of 1 January 2015 by 1,206,000,000 manats, but got leaky at 331.6 million mantas, following the devaluation of the national currency on 21 February when it was registered a record volume of deposits in the amount of 7,932,700,000 manats. Bank deposits fell after devaluation by 4.3%.
With the continued deterioration of economic indicators for the country and a protracted crisis can be expected to continue declining trend in contributions, but not to a great extent. In the context of financial and economic risks deposits with current interest rate of 8% -11% are more reliable source of income. The state guarantee on deposits is 30,000 manats for each deposit. -0-
Economics
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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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On January 20 during the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan engaged in a strategic dialogue with Nick Studer, CEO of Oliver Wyman Group.
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During the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan met with Jared Cohen, President of Global Affairs at The Goldman Sachs Group, Inc. The meeting underscored the ongoing collaboration between Goldman Sachs and Azerbaijan's financial institutions, notably the Central Bank of Azerbaijan and the State Oil Fund.
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At the World Economic Forum in Davos, Azerbaijan's Minister of Economy, Mikayil Jabbarov, participated in the session titled "Leaders’ Circle: Financing the Energy Transition – A New Horizon." Jabbarov emphasized discussions on existing opportunities and major challenges in achieving successful energy transformation, underscoring the critical importance of financing the energy transition.
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