It will take 10 working days to complete the payment of compensation to depositors of the bankrupt JSC Bank of Azerbaijan.
As the head of the Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov told reporters, ADIF has already paid more than 9 million AZN to more than 430 depositors of the bank.
Totally on the bank 24 million mantas has been paid. Payments are made in the branches of Mugan Bank and Rabita Bank appointed the agent banks.
OJSC Bank of Azerbaijan began operations under the name Rabbat Bank on December 1, 1993. In 1998, it became Ish Bankasi Azerbaijan. In 2004 the bank became a JSC.
The bank’s owners are members of the family of the President of Baghlan Group Azerbaijan Hafiz Mammadov. Shareholders of Bank of Azerbaijan are his sons Kanan Mammadov (43.63%) and Sanan Mammadov (43.63%), his brother Mubariz Mamedov (12.07%) and NEM Holding (0.67%). --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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