Legislation - for Issue of CBA Credits to Deposit Insurance Fund
Additional obligations of the Central Bank of Azerbaijan (CBA) were discussed at today's meeting of the Parliamentary Economic Policy, Enterprise and Industry Committee.
The new edition of the Law "On the Central Bank of Azerbaijan" has been added an amendment about the obligatory transfer of funds to the Azerbaijan Deposit Insurance Fund (ADIF) in the case of lack of money to grant the depositors affected by the bankruptcy of banks.
Recall that in the law "On deposit insurance" this option is present, so there should be no place to misunderstandings.
According to the Deputy Chairman of CBA Aftandil Babayev, according to the law "On insurance contributions>, ADIF applies for a loan under the state guarantee and the CBA gives it in the presence of such an amount and under the condition not to harm its own policy. "In March, the Fund received 22 million, and in August - 100 million manat for the repayment of deposits of individuals in the bankrupt banks. In view of the precedents, we felt it necessary to amend the law "On the Central Bank," he said. --17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review