Deposit Insurance Fund has announced the completion of the commitments of creditors' claims for three private banks, Credo Bank, Para Bank and Deka Bank.
Referring to the Fund, according to the law the liquidator takes calls from creditors to close the bank within 60 calendar days after the publication of the corresponding announcement.
Note that this declaration does not apply to insured deposits. According to the Fund as of November 21, depositors of OJSC Para Bank were issued AZN 42 million 852 thousand, JSC Credo Bank – AZN 27 million 005 thousand, and JSC Deka Bank – AZN 3 million 021 thousand as compensation. ---71D
Economics
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Azerbaijan’s rice imports have surged as domestic production struggles to meet growing demand, underscoring the country’s reliance on foreign suppliers. Despite government initiatives to boost output, local production remains stagnant, with only 10,000 tons expected in the 2024-2025 season, while imports reached 55,961 tons between January and October 2024.
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Azerbaijan and Pakistan have signaled a growing commitment to deepen energy cooperation, with a focus on renewable energy initiatives, as Azerbaijani Energy Minister Parviz Shahbazov hosted a delegation led by Pakistani Federal Minister Abdul Alim Khan in Baku on January 30.
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Oil from Kazakhstan's largest field, Kashagan, has begun flowing into the Baku-Tbilisi-Ceyhan (BTC) pipeline. According to information from SOCAR, the first batch of this oil was received at the Sangachal terminal on January 27 and will be transported via BTC to the port of Ceyhan.
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Azerbaijan is accelerating the implementation of its socio-economic development strategy, focusing on digital transformation and strengthening cybersecurity. The government is allocating resources to human capital development, prioritizing the training of cybersecurity professionals, said Farid Osmanov, Chairman of the Board of the Innovation and Digital Development Agency, on January 30 during the fourth “Graduation Day” of the Azerbaijan Cybersecurity Center (AKM).
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