The Deposit Insurance Fund (CAF) of Azerbaijan collected in the second quarter of 2012 calendar fees in the amount of 1.871 million manat, $ 1.641 million and 177 thousand euros from 43 of its members.
As reported in the fund, the total amount of its insurance reserves reached 48.3 million manat.
As of July 1, individuals had bank savings equivalent to 4,319 million manat. Of these, 1,650 million or 38.2% accounted for non-guaranteed deposits. The rest of the savings attributable to 6,125 thousand depositors are insured.
The maximum amount of insurance compensation to one contribution is 30,000 manat. Since June 1, 2010, the Fund has not insured deposits with interest rates that exceed 12%. - 15B -
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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