Azernews.Az

By Aynur Karimova

Azerbaijan Deposit Insurance Fund (ADIF) continues payment of funds to depositors of the banks, licenses of which were revoked by the Central Bank of Azerbaijan (CBA).

The Fund reported on February 22 that it has paid compensation worth about 21.825 million manats ($13.98 million) to the customers of Bank of Azerbaijan, in which the insurance event happened, and the license was terminated on January 18.

The payment of funds is carried out in the branches of the Muganbank and Rabitabank -- the designated agent banks.

Accepting of appeals of Bank of Azerbaijan’s insured depositors began on January 29, 2016, and payment of compensation has been implemented since that day.

The volume of insured deposits of Bank of Azerbaijan amounts to 24.2 million manats ($15.5 million).

The insured depositors of Gandja Bank have received some 636,000 manats ($407,400) since February 4, when the payment of compensation was started. In general, the volume of insured deposits of the Bank is 1.5 million manats ($960,800)

Payment of funds to the depositors of Gandja Bank is being made in the branches of Rabitabank, Unibank and Kapital Bank.

The ADIF further added that it started payment of compensation to the depositors of the Texnikabank since February 12. As of today, the ADIF has paid some 27.1 million manats ($17.36 million) to the depositors of Texnikabank.

Payment of funds to the depositors of the Texnikabank is being made in the branches of the Muganbabk, Rabitabank, Unibank and Kapital Bank.

Insured payments can be obtained seven days after the bank is declared bankrupt in accordance with the legislation.

The ADIF returns up to 30,000 manats ($19,220) for each insured deposits.

Since early 2016, the CBA has terminated the licenses of Texnikabank, Caucasus Development Bank, Atrabank, Gandja Bank, Bank of Azerbaijan, United Credit Bank and NBCBank.

Later, the license of NBCBank was restored.

The official exchange rate on February 22 was established at 1.5604 AZN/USD.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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