The Financial Markets Control House (FMCH) of Azerbaijan has withdrawn the licenses of four local banks – Deka Bank, Credo Bank, Para Bank and Zamin Bank, the head of FMCH Rufat Aslanli said.
According to him, the decision was taken on 21 July. According to Aslanli, the reason for the withdrawal of the licenses is that “the assets of these banks are not classified in accordance with the law, they do not have the necessary reserves, and the total capital does not meet the minimum requirement of 50 million AZN.”
He also noted that these banks are members of the Deposit Insurance Fund, so investors will receive funds for insured deposits. The total amount of such deposits in these banks exceeds 140 million AZN (more than 40 thousand accounts). The money can be received a week later, after the liquidators of these banks are identified. These banks employed 450 people, and from 22 July temporary administrators have been appointed there. -02D-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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