The Deposit Insurance Fund compensated the depositors of Bank Standard 261 million 259 thousand manat, according to the Fund.
The overall compensation to depositors of the 10 closed banks was 527 million 259 thousand manat.
The Fund started granting compensation to depositors of Bank Standard from 11 October. The population's deposits in the bank are 603 million manat, of which 460 million AZN is to be compensated.
Deposits in US dollars amount to 175 million and in AZN - 172 million.
Deposits are returned in the currency, in which they have been made. If one customer has deposits in different currencies, the payment shall be issued in manat, at the rate of 4 October, on the day of the cancellation of Bank Standard’s license. ----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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