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Azerbaijan to set up Deposit Insurance Fund

08 June 2007 12:57 (UTC +04:00)

Elman Rustamov, chair of the board of the National Bank of Azerbaijan, told a media briefing that the Board of Trustees has already been set up.
â€œChingiz Asadullayev, chairman of Azerigazbank, the only representative from private banks, was designated the chair of the Board. About 20 banks have been chosen. Buy July 1, the banks have to complete the activities to reach the limit set for the authorized capital. After that, we will know which banks will be included in the Deposit Insurance Fund,â€ he added.
He noted that aggregate assets owned by Azeri banks jumped 12%, loan portfolio 30% and deposits 15% and the yield of capital climbed 19% from 13%.
He concluded that foreign capital influx into the banking sector has increased recently. /APA-Economics/