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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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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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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