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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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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