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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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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