" The law on savings and deposits has no prospects in the Parliament in the near future”, the Board chairman of the Azerbaijan National Bank (NBA), Elman Rustamov told Trend exclusively.
According to him, the NBA does not urge on the situation in this aspect. "Consideration of the budget at the Parliament has been provided by the year-end, as it is a complicated law, the new Parliament will most likely to study it. Thus, I think, the law on insuring of savings and deposits will not be adopted till the year-end”, Rustamov noted
It should be reminded, that earlier the NBA noted the accomplishment of works on the savings and deposits insuring and the draft law has been put forward to the president’s executive office for consideration and subsequent submittal to the Milli Mejlis. The bill’s international expertise has been carried out in the framework of the document’s preparation (particularly, the German Bank for Reconstruction, KfW), as well as the bank community’s opinion has been taken into account (The Azerbaijan’s Bank Association).
Under the inter-governmental agreement on the financial cooperation between the FRG and Azerbaijan for 2003-2004, the KfW will allocate grant in 1 million euro for the technical support and the preferential loan in 5 million euro for the initial capitalization of the Azerbaijani fund for the savings insurance.