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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The INMerge Ventures venture capital fund has been established in Azerbaijan, aimed at boosting the development of the country’s innovative and startup ecosystems, officials announced on Tuesday.
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Azerbaijan is set to roll out a comprehensive digital economy development strategy in 2025, aimed at transforming the country's economy through human capital development, innovation, and the digitalization of business processes, an official announced on Tuesday.
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Issues related to the development of the energy sector through digital innovations were the subject of negotiations between Rovshan Najaf, President of SOCAR, and Seita Hagihara, President and Vice President of Yokogawa Electric Corporation, a leading Japanese multinational company specializing in electrical engineering and industrial automation.
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On October 10, the two-day INMerge Innovation Summit 2024 commenced at the Baku Congress Center, uniting startups, industry leaders, and investors in the realms of technology and digital infrastructure. The summit serves as a pivotal platform for discussing Azerbaijan’s strides in digital transformation and its implications for the global technology landscape.
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