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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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