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 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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