An interim administration has been appointed to the insurance company Alfa Sigorta and the company Tekhnika Capital Management, whose shares are 100% owned by JSC Tekhnika Bank. The bankrupt is liquidated by Azerbaijan Deposit Insurance Fund (ADIF).
Reportedly, if prior to September an investor willing to buy out the business is not found, the activities of the mentioned bodies will be stopped. The very same Fund does not intend to manage their assets.
On February 4 this year JSC Tekhnika Bank was declared bankrupt, and since February 11 its depositors have been given the right to apply to the Deposit Insurance Fund for compensation. Since then, the Fund through authorized banks has paid its depositors 118 million 916 thousand AZN. --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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