The Financial Markets Control House (FMCH) of Azerbaijan informs that on 1 August the payments on deposits in the banks that lost their licenses will begin. The list includes Deka Bank, Credo Bank, Para Bank and Zamin Bank.
The banks are members of the Deposit Insurance Fund, so all the investors will receive funds for their insured deposits. According to the law "On full deposit insurance" from March 1, there is three-year state insurance of all deposits, regardless of their size.
The total amount of such deposits in these banks exceeds 140 million AZN (more than 40 thousand accounts).
The Deposit Insurance Fund from March 1 has lowered interest rates to protect the population's deposits in banks in USD to 3% per annum, and deposit insurance in AZN - to 12% per annum.
The licenses of four banks were withdrawn by the FMCH decision on 21 July. -0-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review