Deposit Insurance Fund paid to depositors of the closed bank "Standard" a compensation in the amount of 80,399,000 manats, according to the Deposit Insurance Fund. According to Turan, the Fund paid compensation to depositors of 19 private banks - «Parabank», «Zaminbank», «Kredobank», «Dekabank», «Atrabank», «Qafqaz İnkişaf Bankı», «Bank of Azerbaijan», «Gəncəbank», «Texnikabank», «Bank Standard» issued 345.755.000 AZN compensation.
On October 17 will begin delivery of compensation for all insured deposits, regardless of their volume.
Population's deposits in the bank "Standard" total 603.000.000 AZN, of which offset is 460 million AZN. Deposits in US dollars amount to 175 million, and in AZN - 172 million.
Payments are issued in the currency in which the deposits were made. In case, the deposits had been made in multiple currencies (in manats, US dollars or in other currencies - Ed.), they will be paid back in manats, and the conversion of foreign currency into manats will be carried out according to the official rate of 4 October 2016, that is, the day when the "Standard" bank's license was revoked.
Contributors can apply for compensation till October 2017 . --71D--
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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