Azerbaijan Deposit Insurance Fund (ADIF) in the background of the manat crisis sharply raised the maximum interest rate on deposits, attracted by private banks. From today, it is not 9% as before, but 12%.
According to the report, deposits placed from February 24 at a rate of above 12% shall be deemed not insured.
ADIF was created under the presidential decree of February 9, "On approval and enactment of the Law "On deposit insurance " adopted December 29, 2006. The Fund fully covers contributions in the amount of up to 30 thousand manat. The main objective of the Fund is guarantee of returning savings to bank depositors in case of bank failure and liquidation of its license to accept deposits.
Members of the Deposit Insurance Fund are 44 banks. --17D-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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