The process of returning deposits by Gandja Bank started. This was reported to the media by the Chairman of the Central Bank of Azerbaijan, Elman Rustamov.
According to him, representatives of the bank and the temporary administrators should ensure that the investors could take their money back in the statutory minimum periods.
"Deposits in the financially sound banks in Azerbaijan will be fully insured. Recently, the Parliament adopted a law on full insurance of all deposits, which is to be signed soon. So deposits in large sound banks with prospects of growth will be insured at 100%," he said, without naming the "sick" ones.
According to the observations of Turan IA, cancellation of banking licenses is actually taking place - during the week the licenses of the Bank of Azerbaijan OJSC and JSC Gandjabank were revoked. If the Central Bank had promptly informed the clients of the unreliability of these banks, as well as others that changed their name and founders, there would not have been risky investments. Moreover, it is not a secret that the banking system has more than 10 unpromising banks with a small specific weight of financing and an unreliable loan portfolio. --17D-
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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