The Azerbaijan Deposit Insurance Fund has given compensation to Bank Standard’s depositors, totaling 341 million 712 thousand manat, the Fund said.
Generally the depositors of ten closed banks have been compensated 612 million 644 thousand manat.
The Fund started granting compensation to depositors of Bank Standard from 11 October. The population's deposits in this bank were 603 million manat, of which AZN 460 million is to be compensated.
Deposits in US dollars amount to 175 million, and deposits in AZN are 172 million.
Payments on deposits in foreign currency are issued in AZN at the exchange rate of October 4, the date of revocation 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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