Baku. Yegana Lachinzade – APA-Economics. Israel’s BSD Crown LTD intends to withdraw its deposits and cash held with the International Bank of Azerbaijan (IBA), reads a statement posted on the company’s website on July 26.
IBA has confirmed to the company that it is holding, in aggregate, approximately US$13.6 million on deposit for the company, according to the statement.
Furthermore, in response to the company’s request to repatriate such monies, IBA had proposed to transfer such monies held on deposit to the company, including all interest accrued on such monies, in 12 monthly installments until May 2017, the first of which, in the amount of US$500,000, reads the statement.
Having taken into account a number of considerations, including the nature of IBA being a partially state-owned bank and Azerbaijan's general currency and liquidity issues, the Israeli company was minded to accept IBA's proposal. However, by 20 July 2016, IBAR had transferred only US$250,000 to the company, the statement says.
As a result, the company is further considering all options available to it and continues to expect IBA to fully repatriate the monies that the company holds on deposit with IBA as soon as possible, reads the statement.
The Israeli company will provide further updates in due course.
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