Deposit Insurance Fund appealed to the depositors "of Texnikabank" and "Gencebank"
Deposit Insurance Fund appealed to the depositors of the closed "of Texnikabank" and "Gencebank". According to Turan, the Fund asked the owners of insured deposits of «Texnikabank» which have not apply for compensation, to make an appeal to the fund up till 12 February, 2017.
In a message to the owners of insured deposits in "Gencebank" the Fund noted that they should refer to till February 4, 2017. This Fund noted that in any case the right to receive compensation from investors remains for five years, after the announcement of the issuance of compensation.
On January 19 the investors "of Texnikabank" were issued 120.364. manats (98.1% of total deposits in the bank), and depositors “Gencebank” were issued 976.000 AZN compensation (94%). 71D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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