As of April 1, 2013, individuals had bank savings equivalent to 5,213 million manat. Of these, 1.76 bn or 34% accounted for by non-guaranteed deposits. The rest of the savings attributable to 4562 thousand depositors are insured.
According to the report of the Azerbaijan Deposit Insurance Fund, during the first quarter of this year, individuals' deposits in banks grew by 9.1%, including the insured - by 12.9%.
In all, 58% of the insured deposits were in manats, 38% - in U.S. dollars and 4% respectively in the euro.
The total amount of insurance fund reserves reached 51.3 million manat, and assets grew to 59.7 million manat.
The Foundation has operated since August 2007. Its members include 42 of the 43 banks operating in the country. The maximum amount of insurance compensation for a contribution is 30,000 manat. On 1 June 2010 the fund does not insure deposits at interest rates higher than 12%. - 15D -
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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