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Financial news
Bulletine Finance 

2017 August 01 ( Tuesday )  17:29:25
Print version
Русский Azərbaycan


Central Banks Discount Rate Not Changed

Baku / 01.08.17 / Turan: At a meeting of the Board of the Central Bank of Azerbaijan on August 1, it was decided to keep the interest rate and other parameters of the interest corridor at the level of 15% (low limit - 10%, upper limit - 18%).

The rationale for this decision was the continued risk of inflation, although according to the CBA management, inflation expectations have decreased to an extent.

In the CBA they believe there has been a growth trend in the indicators of the real sector and economic activity. To manage the liquidity of the fiscal and financial sectors, the CBA increased the money supply of the economy. According to CBA polls among households, the level of consumer confidence is growing. Indicators of the external sector have increased: since the beginning of the year non-oil exports have increased by 27.9%, and imports have decreased by 15.7%. The surplus of the external trade balance has amounted to $ 1.9 billion. Due to this, the balance of the currency market and the national currency rate remains. The stability of the manat creates a tendency to de-dollarization of the economy.

The next meeting of the Board of the CBA is scheduled for September 18. -08D-

Provision on Financial Stability Board

Baku / 01.08.17 / Turan: President Ilham Aliyev by his decree approved the Statute of the Financial Stability Board of Azerbaijan on August 1.

It follows from the decree that the President and members of the council will be determined by the President of Azerbaijan. The composition of the Secretariat of the Board will be approved by the Central Bank, under which the Board operates.

The Statute outlines the activities of the Board, the main tasks and rights, as well as the organization of activities.

The Financial Stability Board was established by the presidential decree on July 15, 2016.

The activities of the Board are aimed at strengthening macroeconomic stability and ensuring financial stability, conducting a coordinated financial policy and achieving effective regulation.

Prime Minister Artur Rasizadeh was appointed Chairman of the Financial Stability Board. The Board includes an assistant to the President on economic reforms Natig Amirov, Finance Minister Samir Sharifov, Economics Minister Shahin Mustafayev, Chairman of the Central Bank Elman Rustamov, Chairman of the Board of Directors of the Financial Market Supervision Authority Rufat Aslanli and Executive Director of the State Oil Fund Shahmar Movsumov.

In April, the Board stated that the threats to financial stability no longer existed due to the measures taken.

In 2017, the Board decided to pursue a flexible macroeconomic policy to create new conditions for risk management and structural reforms to accelerate economic competitiveness. -0-

Membership of Khalg Capital on BSE Renewed

Baku / 01.08.17 / Turan: Since July 31, membership of Khalg Capital Investment Company in Baku Stock Exchange CJSC has been renewed.

BSE reports that Khalg Capital received a license for investment activities on June 9, 2017.

As is known, in August 2016, the membership commission of BSE suspended until January 1, 2017, the membership of six of the twelve lending institutions: BROKDIL-AZ, Chelsea Capital, Bob Broker, Khalg Capital, Standard Capital and CJSC Investment Company Demir with a demand to abide by the law on the securities market and membership rules. This was mainly about the recapitalization of the members of BSE. -0-

Rate of AZN to US Dollar 1.7008 manat / $ 1 at Currency Auction

Baku / 01.08.17 / Turan: "The CBA held a currency auction on August 1 with the participation of the State Oil Fund of Azerbaijan, at which the average rate of the manat was formed at 1.7008 manat / $ 1," the CBA reported.

At the previous currency auction on July 27 the weighted average rate was 1.7009 manat / $ 1.

Since January 12, 2017, the CBA began to apply a new mechanism of currency auctions. The auctions take the form of a one-way sale of currency in competitive conditions. Orders are provided from the top price to the bottom. -0-

ADIF Completes Payment of Compensation to Depositors of Four Banks

Baku / 01.08.17 / Turan: Payment of compensations to depositors of four closed banks, Deka Bank, Credo Bank, Para Bank and Zamin Bank, is over, said the Azerbaijan Deposit Insurance Fund (ADIF).

According to the legislation, payments for deposits are made within one year from the first publication on their payment.

Nevertheless, on an individual basis, depositors can extend the process of paying compensation by submitting to ADIF documents that confirm the inability to seek compensation within a year.

As noted in the Fund's message, such cases include service in the Armed Forces, serious illness and other cases specified in Article 11 of the Procedure "On the Procedure for Payment of Compensations".

The licenses of all four banks were withdrawn in 2016 due to the inconsistency of their total capital with the minimum requirement of the regulator [50 million manat] and default to the creditors.

The amount of compensations paid to Deka Bank, Credo Bank, Para Bank and Zamin Bank:

BanksTotal deposits (millions of AZN)Insured deposits (millions of AZN)Compensable deposits (millions of AZN)Paid compensations (millions of AZN)Share of paid compensations to total insured deposits (%)Unpaid compensations (millions of AZN)
Para Bank87.60150.71343.88443.22298.50.662
Zamin Bank77.11675.57472.67571.99999.90.676
Credo Bank30.19129.15927.9127.77199.50.138
Deka Bank5.363.6843.1273.08798.70.039

The Azerbaijan Deposit Insurance Fund started its activity on August 13, 2007. The upper limit of the interest rate on insured deposits in foreign currency is three percent. The maximum level of the annual interest rate for insured deposits in the national currency should not exceed 15 percent.

According to the law "On full insurance of deposits," for three years, deposits of the population, the annual interest rate for which does not exceed the maximum level established by the ADIF Board of Trustees, will be insured, regardless of the amount of the deposit.

Foreign currencies rates fixed by Central Bank

1 ABŞ dollarıUSD1.7009
1 AvroEUR2.0122
1 Avstraliya dollarıAUD1.3659
1 Argentina pesosuARS0.0964
1 Belarus rubluBYN0.8781
1 Braziliya rialıBRL0.5439
1 BƏƏ dirhəmiAED0.4631
1 Cənubi Afrika randıZAR0.1292
100 Cənubi Korea vonuKRW0.1521
1 Çexiya kronuCZK0.0771
100 Çili pesosuCLP0.2619
1 Çin yuanıCNY0.2531
1 Danimarka kronuDKK0.2706
1 Gürcü larisiGEL0.7075
1 Honq Konq dollarıHKD0.2177
1 Hindistan rupisiINR0.0265
1 İngilis funt sterlinqiGBP2.2485
100 İndoneziya rupiasıIDR0.0128
100 İran rialıIRR0.0045
1 İsveç kronuSEK0.2105
1 İsveçrə frankıCHF1.7596
1 İsrail şekeliILS0.4774
1 Kanada dollarıCAD1.3616
1 Küveyt dinarıKWD5.6387
1 Qazaxıstan tengəsiKZT0.0052
1 Qırğız somuKGS0.0246
100 Livan funtuLBP0.1128
1 Malayziya rinqqitiMYR0.3976
1 Meksika pesosuMXN0.0957
1 Moldova leyiMDL0.094
1 Misir funtuEGP0.095
1 Norveç kronuNOK0.2161
100 Özbək somuUZS0.0418
1 Polşa zlotasıPLN0.4731
1 Rusiya rubluRUB0.0284
1 Sinqapur dollarıSGD1.2544
1 Səudiyyə Ərəbistanı rialıSAR0.4536
1 SDR (BVF-nun xüsusi borcalma hüquqları)SDR2.3944
1 Türk lirəsiTRY0.4836
1 Tayvan dollarıTWD0.0564
1 Tacik somonisiTJS0.193
1 Yeni türkmən manatıTMT0.4867
1 Ukrayna qrivnasıUAH0.0659
100 Yapon yeniJPY1.5434
1 Yeni Zelandiya dollarıNZD1.2772