The Deposit Insurance Fund has paid insured depositors of 10 closed banks a compensation totaling 725 million 240 thousand manat. The specification is as follows: Para Bank – AZN 43 million 169 thousand (98.4% of the total amount of compensation), Zamin Bank – AZN 54 million 338 thousand (75%), Credo Bank – AZN 27 million 770 thousand (99 5%), Deka Bank – AZN 3 million 086 thousand (98.7%), Atra Bank – AZN 14 million 275 thousand (98.1%), Qafqaz Inkisaf Bank – AZN 1 million 974 thousand (94.4%), Bank of Azerbaijan – AZN 24 million 161 thousand (97%), Ganja Bank – AZN 976 thousand (94%), Tekhnika Bank – AZN 120 million 433 thousand (98.2%), and Bank Standard – AZN 435 million 058 thousand (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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