Azerbaijan’s banking sector, which was seriously affected by certain unfavorable processes, currently faces no liquidity problem with the national currency, the manat.

Azerbaijan Deposit Fund (ADIF) has so far paid compensations worth over 667.07 million manats ($404.53) to depositors of the recently closed Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank, Texnikabank and Bank Standard.

Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth over 590.13 million manats ($ 365.38) to depositors of the recently closed Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank, Texnikabank and Standard Bank.

Azerbaijan’s Financial Market Supervisory Body, in a bid to improve financial market of the country and oust problems triggered by a number of unfavorable processes, is drafting a bill on the regulation and control of the market.

Azerbaijan Deposit Insurance Fund (ADIF), which acts as a liquidator of closed banks in the country, continues paying compensations to depositors of the closed banks.

The mortgage portfolio of Azerbaijani Bank Standard, the license of which was liquidated on October 1, has been transferred to Muganbank. As a result the number of Muganbank’s mortgage borrowers has reached 2,000 people, while the bank moved into first place in the mortgage portfolio volume.

Devaluation of the national currency and other unfavorable process that challenged the financial sector of Azerbaijan forced the state to interfere in the situation and take serious steps to overcome the difficulties.

Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth more than 232.35 million manats ($ 142.36 million) to depositors of the recently closed Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, Atrabank, Bank of Azerbaijan, Gandjabank and Texnikabank.

Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth more than 218 million manats ($ 134.1 million) to depositors of the recently closed Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, Atrabank, Bank of Azerbaijan, Gandjabank and Texnikabank.

Financial sector situation and development of the banking sector in Azerbaijan have been negatively affected by different unfavorable processes such as worsening of macroeconomic indicators in 2015-2016, devaluation of the national currency and etc. Moreover, a certain number of banks have been closed due to liquidity problems.