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“Standard and Poor’s” agency kept the international loan rating of Azerbaijan as stable in a special assessment***The Milli Majlis adopts a law on the execution of the state budget for 2016***Ministry of Finance recommends referring to official data in statements about IBA***

Extraordinary board meeting held at the Ministry of Finance

Extraordinary board meeting held at the Ministry of Finance

04.10.2016

 

There was held an extraordinary board meeting on October 4 at the Ministry of Finance of the Republic of Azerbaijan. The request of the Central Bank of the Republic of Azerbaijan on the provision of state guarantees to the loans at amount of 460 mln. manat to be allocated to the Azerbaijan Deposit Insurance Fund from the Central Bank and the interest on the due loans was reviewed at the board meeting chaired by minister of finance Mr. Samir Sharifov.
It was noted that the request of the Central Bank had been submitted to the Ministry of Finance in accordance with the provisions 4.1.7 and 17.2 of the Law “On deposit insurance” of the Republic of Azerbaijan and the Decree No. 812 of the President of the Republic of Azerbaijan dated to March 1, 2016. The main purpose of allocation of the loans to the Azerbaijan Deposit Insurance Fund is to remove the lack of liquid funds for the payment of compensation to the insured depositors of the liquidated bank – CJSC “Bank Standard”.
Considering the importance of protection of the rights of the depositors, strengthening their trust in the bank system of the country and ensuring the sustainability of the bank system, the Board of the Ministry of Finance adopted a positive decision regarding the provision of state guarantees to the loans at amount of 460 mln. manat to be allocated to the Azerbaijan Deposit Insurance Fund by the Central Bank of the Republic of Azerbaijan.