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Azerbaijani National Bank Limits Another Bank’s Activity

Business Materials 26 August 2008 17:33 (UTC +04:00)

Azerbaijan, Baku, 26 August / Trend corr. I.Khalilova / The National Bank of Azerbaijan (NBA) has cancelled a license on population deposit in Baku branch of the National Bank of Pakistan (NBP Bank). Bank has confirmed the information.

"We informed NBA that we will remove all shortcomings soon," Sohail Ahmad, Bank's General Director, said.

NBA introduced restrictions on deposit reception due to delays in Bank's website within the Article 47 and 48 Bill on 'Banks'.

At present, population deposit in NBP Bank Baku branch totals AZN 600,000. Bank is a member of Azerbaijani Deposit Insurance Fund, which guarantees AZN 187,000 from the total deposit volume in the branch of NBP Bank.

This NBA's decision will not affect bank's membership, as bank may exclude members in the case of non-fulfillment of obligation.

According to NBP Bank Baku branch, the shortcomings in bank's website are being removed, and the restrictions imposed on the bank will also be taken away.

At present, there are 45 banks in Azerbaijan. Eight banks (including NBP Bank Baku branch) have been imposed on restrictions on deposit reception.

NBP Bank Baku branch has been operating since July 2005.

National Bank of Pakistan was established in 1949.  Bank was established with 75% share of Pakistan. At present, NBP Bank has 17 foreign branches.

On 25 August, the official currency rate was 0,814 AZN/USD. 

The correspondent can be contacted at:[email protected]

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