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 has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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