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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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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