Depositors of Bank Standard May Apply for Compensation within One Year

From 11 October will begin the process of issuing compensation to the depositors of Bank Standard, said the Deposit Insurance Fund. The Fund noted that investors in the course of the year can apply for compensation after the first announcement of the issuance of compensation.

Note that the executive director of the Fund Azad Javadov said at a press conference on October 4 Bank Standard’s household deposits amounted to 603 million AZN, of which 460 million  AZN is compensated.

For the issuance of the compensation the Central Bank will provide 460 million AZN. Deposits in the national currency are 172 million AZN and deposits in foreign currency are 175 million dollars.

Javadov said the deposits in US dollars will be returned in US dollars, except when a client has a multicurrency deposit – AZN and USD. In this case, the payment will be issued in manats. -------71D

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