JSC Bank of Azerbaijan has already met half of its obligations to the depositors, paying 12 million manat of the 24 million manat.
The funds began to be paid from 28 January on the part of JSC Mugan Bank and JSC Rabita Bank, which were selected by the Azerbaijan Deposit Insurance Fund (ADIF) for the payment of compensations to depositors.
Compensation under the auspices of ADIF is issued on deposits insured under the state guarantees and amounting to no more than 30,000 manats. -0-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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