Just over a third of the total private deposits insecure
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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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