Azerbaijan discloses procedure for returning deposits to clients of liquidated banks

  10 May 2020    Read: 909
Azerbaijan discloses procedure for returning deposits to clients of liquidated banks

The compensation on the deposits in Azerbaijan’s Amrahbank OJSC and AtaBank OJSC will be paid in a non-cash form through the debit cards of Kapital Bank OJSC and Khazri money transfer system, AzVision.az reports referring to the Azerbaijan Deposit Insurance Fund.

The compensation on the deposits will be returned in two stages to avoid queues in the branches of Kapital Bank to systematically pay the compensations and please the citizens.

The compensations on deposits in Amrahbank and AtaBank up to 30,000 manat ($17,647) in manat equivalent will be given from June 1, 2020, while compensations on deposits worth more than 30,000 manat ($17,647) in manat equivalent from July 1, 2020.

In accordance with article 28.3 of the Azerbaijani law on deposit insurance, the Deposit Insurance Fund accepts the applications from depositors within one year from the date of the first publication of the notification about compensation.

In accordance with the law, the date of the insured event at AtaBank and Amrahbank is April 28, 2020. The deposits will also be refunded in accordance with the law.

The further information on the process of returning deposits to the citizens will be given.

The licenses issued by Amrahbank and AtaBank for banking activity were cancelled upon the decision of the Board of the Central Bank of Azerbaijan dated April 28, 2020.

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

(1 USD = 1.7 AZN on May 10)


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