Central Bank to allocate a loan of AZN 480 million to ADIF


June 1, Fineko/abc.az. Approximately AZN 200 million of compensation in the amount of AZN 680 million to be paid to depositors of the four recently-liquidated banks will be carried out at the expense of the Azerbaijan Deposit Insurance Fund.

ABC.AZ reports that the relevant statement was made by Central Bank’s chair Elman Rustamov at today’s news conference.

“AZN 200 million will be returned at the expense of the ADIF. The ADIF itself has liquidity, which is somewhat higher. However, the Fund still has certain funds on its account to ensure the normal operation of the ADIF. A loan of AZN 480 million will be given to the ADIF by the Central Bank under the governmental guarantee. Negotiations are underway between the Central Bank, the Ministry of Finance and the ADIF on the occasion of such a loan. Central Bank’s Board has already made a decision in this direction, and we’ve applied to the Ministry of Finance. We believe we’ll resolve this matter for a very short time. I note that part of the funds is an amount equivalent to AZN 200 million mantas to be allocated in foreign currency. For this reason, the Central Bank's foreign exchange reserves will decrease in the coming months," Rustamov emphasized.