Legislation - for Issue of CBA Credits to Deposit Insurance Fund

Additional obligations of the Central Bank of Azerbaijan (CBA) were discussed at today's meeting of the Parliamentary Economic Policy, Enterprise and Industry Committee.

The new edition of the Law "On the Central Bank of Azerbaijan" has been added an amendment about the obligatory transfer of funds to the Azerbaijan Deposit Insurance Fund (ADIF) in the case of lack of money to grant the depositors affected by the bankruptcy of banks.

Recall that in the law "On deposit insurance" this option is present, so there should be no place to misunderstandings.

According to the Deputy Chairman of CBA Aftandil Babayev, according to the law "On insurance contributions>, ADIF applies for a loan under the state guarantee and the CBA gives it in the presence of such an amount and under the condition not to harm its own policy. "In March, the Fund received 22 million, and in August - 100 million manat for the repayment of deposits of individuals in the bankrupt banks. In view of the precedents, we felt it necessary to amend the law "On the Central Bank,"  he said. --17D-