As of October 1, 2013, individuals had bank savings equivalent to 5.831 billion manat. Of these, 1.97 bn or 34% accounted for by non-guaranteed deposits. The rest of the savings attributable to 4,899,000 investors (93% of the total) are insured.
According to the report of the Azerbaijan Deposit Insurance Fund, for the third quarter of this year, the deposits of individuals in banks grew by 3.8 % , including the insured - by 2.6 %.
In the structure of insured deposits 59% were insured deposits in manats, 37 % - in U.S. dollars and 4% respectively in euros.
The total amount of insurance fund reserves reached 64.7 million manat, and assets grew to 66.9 million manat.
The Fund has operated since August 2007. Its members include 42 of the 43 banks operating in the country. The maximum amount of insurance compensation for a contribution is 30,000 manat. Since 1 August 2013 the Fund has not insured deposits at interest rates higher than 10%. -15D-
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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