The depositors of 10 closed banks have been compensated 717 million 823 thousand manat from Deposit Insurance Fund. The specification is as follows: Para Bank – AZN 42 million 907 thousand (98% of the total amount of compensation), Zamin Bank – AZN 52 million 382 thousand (72%), Credo Bank – AZN 27 million 764 thousand (98%), Deka Bank – AZN 3 million 021 thousand (96%) manat, Atra Bank – AZN 14 million 261 thousand (97%), Gafgaz Inkishaf Bank – AZN 1 million 943 thousand (92%), Bank of Azerbaijan – AZN 24 million 148 thousand (97%), Ganja Bank – AZN 975 thousand (94%), Tekhnika Bank – AZN 120 million 050 thousand (98%), and Bank Standard – AZN 430 million 372 thousand (97%). -----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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