Azerbaijani Central Bank elaborates on closure of local banks

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 1

By Eldar Janashvili - Trend:

The Central Bank of Azerbaijan (CBA) is not interested in closing any bank
operating in Azerbaijan, CBA Chairman Elman Rustamov said in Baku at the press-conference dedicated to the preservation of the discount rate, Trend reports on May 1.

The chairman said that the decision related to implementation of urgent measures to appoint temporary administrators by the CBA in four Azerbaijani bank
s (Amrah bank
, AGBank, NBC Bank and AtaBank) and to withdraw the two bank
s' licenses (Amrah bank
and AtaBank) was made by the Financial Stability Council only after the parties came to a unanimous opinion that it was impossible to take measures to improve these bank

"So, monitoring of the activity of Amrah bank
and AtaBank revealed a big shortage of their capital,' the chairman added. 'At the same time, Amrah bank
management was provided with extra time and additional financing options were proposed. After the refusal, a decision was made to revoke the bank
's license."

Rustamov also commented on the fate of two other bank
s, the licenses of which were not withdrawn.

'As part of the emergency measures, the CBA interim administration is operating in these bank
s,' the chairman added.

'The bank
s' activity will be re-evaluated,' the chairman said. 'But there is no reason for concern as the salaries of employees will be paid. The deposits will be insured and will be returned in the usual manner.'


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