The July 30 extraordinary meeting of the Board of the Ministry of Finance decided to grant a state guarantee on the loan of AZN 100 million allocated by the Central Bank to the Loan Insurance Fund (LIF) and the interest accrued on it.
"The CBA has asked the Finance Ministry to address the lack of liquidity of LIF due to the compensation of protected deposits in four banks liquidated (Deka Bank, Credo Bank, Para Bank and Zamin Bank), the Ministry of Finance stated.
According to LIF, the total amount of loans insured in these banks is AZN 110 million 714 thousand.
Compensations to the depositors have been issued since August 1. ---08D
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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