The State Deposit Insurance Fund of Azerbaijan has paid AZN 206 million of compensation to the depositors of nine closed banks, the Fund said.
According to the report by the Fund, from 1 to 23 August the depositors of Deka Bank, Credo Bank, Para Bank and Zamin Bank were paid a total of 2.4 million AZN.
The payment of compensation to the depositors of Qafqaz Inkishaf Banki and Atra Bank started on 22 August. As of August 23 the depositors of Qafqaz Inkishaf Banki were paid 140 thousand AZN, and the investors of Atra Bank were paid 317.4 manats.
The depositors of Bank of Azerbaijan were paid 24,052 manats, the depositors of Ganja Bank were paid 895,500 AZN, and those of Tekhnika Bank were paid 119.5 million AZN. -----75D
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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