The Financial Markets Control House (FMCH) of Azerbaijan informs that on 1 August the payments on deposits in the banks that lost their licenses will begin. The list includes Deka Bank, Credo Bank, Para Bank and Zamin Bank.
The banks are members of the Deposit Insurance Fund, so all the investors will receive funds for their insured deposits. According to the law "On full deposit insurance" from March 1, there is three-year state insurance of all deposits, regardless of their size.
The total amount of such deposits in these banks exceeds 140 million AZN (more than 40 thousand accounts).
The Deposit Insurance Fund from March 1 has lowered interest rates to protect the population's deposits in banks in USD to 3% per annum, and deposit insurance in AZN - to 12% per annum.
The licenses of four banks were withdrawn by the FMCH decision on 21 July. -0-
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