CBA to allocate AZN 480 million loan to ADIF

Azerbaijan Deposit Insurance Fund (ADIF) is able to repay only AZN 200 million of insured deposit of AZN 680 million at closed four banks, Chairman of Central Bank of Azerbaijan (CBA) Elman Rustamov said at a press conference.

“AZN 480 million will be allocated by CBA to ADIF as a loan. Negotiations are underway. Of this, AZN 200 million is planned to be allocated in foreign currency. Therefore, CBA currency reserves may drop slightly by the end of this year,” he said.