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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Food prices in Azerbaijan’s capital, Baku, increased by 5% during the first nine months of 2024, highlighting rising inflationary pressures in the domestic market, the Turan agency reported.
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Global grain prices continued their downward trajectory in August, as the FAO grain price index slipped 0.5% from July and a sharp 11.9% year-on-year decline, reflecting weakening demand and intensifying competition among major exporters. Wheat prices were particularly impacted by higher-than-anticipated production levels in Argentina and the United States, exerting additional downward pressure on the international market.
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Azerbaijan’s national air carrier, AZAL, has enhanced its international travel offerings through a new partnership with Ethiopian Airlines, providing passengers with increased connectivity and convenience for global travel, the airline announced on Monday.
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The Azerbaijan Trade Forum, held on October 7, underscored the vital role of small and medium-sized enterprises (SMEs) in enhancing the country’s non-oil exports. Jointly organized by the Small and Medium Business Development Agency (SMBDA) and the Association of Customs and Logistics Companies of Azerbaijan, and supported by Pasha Holding, the event brought together stakeholders from various sectors, including import-export, logistics, production, and customs representation.
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