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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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