One of the areas of work of the Financial Markets Supervision House (FMSH) is to develop a sustainable and efficient deposit insurance, said the head of the FMSH Board of Directors Rufat Aslanli. Speaking at a banking forum, Aslanli said that as a result of measures implemented in June 2016, restoration of confidence in the banking sector has been observed.
He noted that the volume of deposits, which declined from January 2016, showed growth in June 2016 for the first time. During the three summer months, this growth even slightly offset all the decrease, which was in 2016.
“In September and October we saw a reduction in deposits. Now we analyze it, namely whether the decrease in deposits is connected with trust in banks or just in terms of decreasing revenues the population directs its deposits to consumption,” he said.
Aslanli said the problem of diversion of deposits from banks actualized liquidity problems in banks.
“That is why we, together with the Central Bank, developed a mechanism for providing emergency liquidity support to banks. Currently, this mechanism is implemented with respect to several banks and we can say that this mechanism works,” Aslanli said. -71D-
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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