Approximately 80% of insured deposits in liquidated banks placed in US dollars

Executive Director of the Deposit Insurance Fund said

Baku. 22 July. REPORT.AZ/ Approximately 80% of insured deposits in liquidated banks were placed in US dollars. Report informs, the Executive Director of the Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov said at today's press conference.

He noted that the majority of depositors in these banks are not insured: "The uninsured depositors are persons having more than 10% shares of the bank, the auditors of recent years and the bank's administrators."

Notably, according to the decision of the Financial Markets Control Chamber dated July 21, 2016, the licenses of Dekabank OJSC, Kredobank OJSC, Parabank OJSC and Zaminbank OJSC were eliminated.

On July 22, the Chamber has appointed a temporary administrator in the above mentioned banks. Chamber appealed to the court in connection with the appointment of a liquidator of banks and the process of their elimination will be carried out under the supervision of the Chamber. Process of payment of compensation to depositors of liquidated banks is underway. 

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