From June 3 JSC Bank Standard starts to repay small deposits (up to 1,000 manats) to the population. For other payments, according to the court decision, the moratorium will continue for 1 month, Turan was told in the press service of the Financial Markets Control House (FMCH).
By decision of the FMCH Board of Directors on May 2, from May 3 CJSC Bank Standard received a temporary administrator for a three-month period. The reason for this was the result of the FMCH test that showed lack of the bank’s resources to solve its financial problems.
The temporary administrator is also involved in gathering the loans issued by JSC Bank Standard. ---08D
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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