Azerbaijani Parliament Discusses To Update Requirement For Bankrupt Banks

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 6. Azerbaijan can introduce a new requirement for bankrupt banks, Trend reports.

This issue has been reflected in an amendment to the law "On banks", discussed at today's meeting of the Azerbaijani Parliament's Committee on Economic Policy, Industry, and Entrepreneurship.

The document noted that the assets of a bankrupt bank will be distributed among its creditors in a new order. In this case, taxes to the state budget, contributions to mandatory state social insurance and unemployment insurance to off-budget state funds, as well as amounts payable for mandatory medical insurance contributions to the Compulsory Health Insurance Fund, will be paid.

Currently, there are 22 banks in Azerbaijan, one of which is the state (Central Bank of Azerbaijan) and the rest are private commercial banks.

This year, Gunay Bank and MuganBank were declared bankrupt.

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