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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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