BAKU, Azerbaijan, February 26. The Central Bank of Azerbaijan (CBA) has ordered Premium Bank OJSC to take measures to improve internal procedures, Trend reports via the Azerbaijani Central Bank.
"The decision was taken owing to a violation of Article 47 of the Banks Law. The report submitted to the Central Bank at the end of January revealed that, due to incorrect calculation of the liquidity coverage ratio in foreign currency, the requirement to keep this indicator above the established threshold defined in paragraph 7.2 of the "Procedure of Liquidity Risk Management in Banks" was not met," the statement of the CBA says.
Premium Bank OJSC has been operational since January 25, 2008. By the end of 2023, its assets totaled 685.1 million manat ($403 million), its loan portfolio was 471.8 million manat ($277.5 million), its liabilities were 507.8 million manat ($298.7 million), and its capital was 177.2 million manat ($104.2 million).
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