In the banks deprived of licenses the depositors will be returned deposits amounting to no more than 30 thousand manats, or the equivalent in foreign currency. Under the current law, the Deposit Insurance Fund guarantees the repayment of the amount specified.
As you know, on February 1, the guarantee of the authorities to preserve all deposits, including those greater than 30 thousand AZN, comes into force. The expert Akram Hasanov believes that the hasty withdrawal of licenses from banks before February 1 means one thing: the innovation will not affect deposits exceeding 30 thousand AZN. Thus, the Central Bank aims to reduce the amount of funds that the authorities have to return to the population.
Over the last week the Central Bank revoked the licenses of six banks - JSC Atrabank, Caucasus Development Bank, Gandja Bank, Bank of Azerbaijan, United Credit Bank and NBC Bank. -06D--
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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