Deposits Returned by Gandja Bank

The process of returning deposits by Gandja Bank started. This was reported to the media by the Chairman of the Central Bank of Azerbaijan, Elman Rustamov.

According to him, representatives of the bank and the temporary administrators should ensure that the investors could take their money back in the statutory minimum periods.

"Deposits in the financially sound banks in Azerbaijan will be fully insured. Recently, the Parliament adopted a law on full insurance of all deposits, which is to be signed soon. So deposits in large sound banks with prospects of growth will be insured at 100%," he said, without naming the "sick" ones.

According to the observations of Turan IA, cancellation of banking licenses is actually taking place - during the week the licenses of the Bank of Azerbaijan OJSC and JSC Gandjabank were revoked. If the Central Bank had promptly informed the clients of the unreliability of these banks, as well as others that changed their name and founders, there would not have been risky investments. Moreover, it is not a secret that the banking system has more than 10 unpromising banks with a small specific weight of financing and an unreliable loan portfolio. --17D-