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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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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