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Returning of deposits in liquidated banks starts in Azerbaijan

03 June 2020 [10:00] - TODAY.AZ

By Trend

The process of returning deposits in Azerbaijan’s Amrahbank and Atabank liquidated on April 28, 2020, has started, Chairman of Central Bank of Azerbaijan (CBA) Elman Rustamov said, Trend reports.

Rustamov made the statement at a press conference held by CBA and the Azerbaijan Deposit Insurance Fund (ADIF).

The conference was dedicated to the start of the returning process.

From June 1, 2020, branches of KapitalBank OJSC, which is an agent bank in the liquidation process, have received applications on compensation for deposits of up to 30,000 manat ($17,647) in the above-mentioned banks, said the CBA chairman.

Rustamov noted that the decision of President Ilham Aliyev to extend the law on full deposit insurance is the most correct decision during the quarantine regime.

By the decision of the Board of the Central Bank of Azerbaijan dated April 28, 2020, the licenses issued to Amrahbank and Atabank for banking activities were canceled.

In accordance with the decision of the Board of Trustees of the Azerbaijan Deposit Insurance Fund, Kapital Bank OJSC was chosen as an agent bank for reimbursing insured deposits in Atabank and Amrahbank.


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