JSC Caspian Development Bank (CDB or simply former Kovsar Bank) has become a member of the Azerbaijan Deposit Insurance Fund (ADIF).
According to the Fund, it is the 44th private financial structure on the roster.
JSC Caspian Development Bank was created in 1988, and in December of last year part of the bank's shareholders changed. In particular, now the major shareholder of the bank is the Azerbaijani Synergy Group founded in 2010, which is one of the largest private investment holdings in Azerbaijan. The authorized capital is 50,020,000 manat.
ADIF was created within the framework of the law "On deposit insurance" adopted December 29, 2006. It fully covers deposits up to 30 thousand manat attracted by banks at the rate of not more than 9% per annum. The main objective of the Fund is to ensure the return of bank savings to depositors in case of bankruptcy and liquidation of the bank's license to accept deposits. --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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