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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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