Baku Administrative-Economic Court №1 declared bankrupt OJSC Zamin Bank, the head of the Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov told the media.
Recall the Financial Markets Supervision House (FMSH) eliminated the license of Zamin Bank on July 21 this year and also withdrew the licenses of Deka Bank, Credo Bank and Para Bank. According to the legislation, an insured event in these structures occurred on July 25 and then ADIF was announced the liquidator, according to which the estimated total amount of deposits in these banks is 187 million AZN, of which 36.35 million AZN will be paid to Zamin Bank’s depositors as compensation. --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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