Most insurance reserves of Azerbaijan Deposit Insurance Fund (ADIF) is placed in government securities.
According to the Fund, since the start of the year the total volume has grown by 5 million manat (6.7 % as of 1 January). By April 1, about 75 million of the total 80 million manat was concentrated in the securities of the Central Bank and Ministry of Finance.
Almost all 5 million of the remaining fund is managed by the German company Deutsche Asset Management International, while the rest is in other assets.
Members of the Deposit Insurance Fund are 42 banks.
The Fund was established in 2006. The main goal is to guarantee the repayment of bank savings to depositors in case of bank bankruptcy and liquidation of their license to accept deposits.
The Fund fully covers deposits amounting to 30,000 manats. The maximum insured annual rate is 9%. -17D-
Economics
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Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
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Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
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In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
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