The limit for the maximum level of insurance coverage for deposits, which amounted to 30 thousand mantas, has been legally removed today. Now, over three years citizens can place deposits in any amount under 12%.
Now the Board of Trustees (led by Eldar Garibov) of the Azerbaijan Deposit Insurance Fund (the ADIF), will ensure the observance of the new law "On deposit insurance", regardless of the amount of the deposit in the banks - members of the Fund.
In addition, if the annual interest rate on the deposit exceeds 12%, investors have the right to fully insure their deposits, if desired, and to apply to the banks, which will legally have to change the contract on deposits, for which the period has not yet expired. In case of changes in the contract, interest on deposits accrued up to the date of amendment of the contract shall be fully paid to the depositor.
In an insurance case, simply, in the bankruptcy of a bank, which is a member of the ADIF, compensation for uninsured deposits will be also paid in accordance with the said law. --17D-
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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