From 11 October will begin the process of issuing compensation to the depositors of Bank Standard, said the Deposit Insurance Fund. The Fund noted that investors in the course of the year can apply for compensation after the first announcement of the issuance of compensation.
Note that the executive director of the Fund Azad Javadov said at a press conference on October 4 Bank Standard’s household deposits amounted to 603 million AZN, of which 460 million AZN is compensated.
For the issuance of the compensation the Central Bank will provide 460 million AZN. Deposits in the national currency are 172 million AZN and deposits in foreign currency are 175 million dollars.
Javadov said the deposits in US dollars will be returned in US dollars, except when a client has a multicurrency deposit – AZN and USD. In this case, the payment will be issued in manats. -------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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