The Deposit Insurance Fund compensated depositors of 10 closed banks 726 million 169 thousand manat, the Fund said.
Depositors of OJSC Para Bank were given 43 million 195 thousand (98.4% of the total compensation), OJSC Zamin Bank - 54 million 479 thousand (75%), OJSC Credo Bank - 27 million 771 thousand (99.9%), OJSC Deka Bank - 3 million 086 thousand (98.7%) manat compensation.
Depositors of OJSC Atra Bank received 14 million 280 thousand AZN (98.1%), OJSC Qafqaz Inkisaf Bank - 1 million 974 thousand AZN (94.4%), OJSC Bank of Azerbaijan - 24 million 161 thousand AZN (97%), OJSC Ganja Bank - 976,440 manat (94%), OJSC Tekhnika Bank - 120 million 433 thousand AZN (98.2%) compensation. Depositors of Bank Standard were paid 435 million 814 thousand manat (99%). --71D
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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