Of the 460 million manat of insured deposits in Bank Standard AZN 425 million has been disbursed by now, the head of the Board of Directors of the Financial Markets Supervision House (FMSH) Rufat Aslanli said.
Speaking at the Banking Forum in Baku, Aslanli said the remaining amount will be issued in the coming days. He noted that through the Deposit Insurance Fund 23,000 depositors of 10 closed banks were paid 710 million manat. “It remains to pay AZN 45 million to 130,000 depositors. To fulfill these commitments the Fund has enough liquidity.”
Aslanli stressed that currently they are looking for ways to increase capital of the Deposit Insurance Fund.
“The processes of restructuring will be the signal for the banking sector and the public that we capitalize the deposit insurance system and the system has the financial stability to meet their obligations. After that the state should withdraw from these processes,” he said. -----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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