Bank in Baku Released from Restrictions on Deposits Acceptance
Azerbaijan, Baku, 3 October / corr Trend I.Khalilova / The National Bank of Azerbaijan (NBA) lifted the restrictions on activities of the Baku branch of the National Bank of Pakistan (NBP Bank), imposed at the end of August," the Bank's general manager Sohail Ahmad said.
In the context of measures, stipulated by Articles 47 and 48 of the Law on Banks, the NBA imposed restrictions on reception of deposits because of delays in the work of NBP Bank's website and its structure. Elimination of all these problems enabled to restore the license for attraction of deposits.
Presently, people's deposits at Baku Branch of NBP Bank amount to about AZN600,000 and the total deposit portfolio reaches $2mln. The Bank is a member of Azerbaijani Fund of Deposit Insurance, which guarantees AZN 187,000 of the total volume of the branch of NBP Bank.
The deposit portfolio will be increased by $2.5mln by the end of the year, according to the target defined for the Baku branch by the head office of NBP Bank.
Presently, 45 banks work in Azerbaijan, 7 of them still have restrictions on acceptance of deposits. For this reason they cannot be members of the Deposit Insurance Fund.
Baku branch of NBP Bank is active in Azerbaijan since July 2005. The National Bank of Pakistan was founded in 1949 with 75% stake of Pakistani Government. Presently, NBP Bank has 17 foreign branches. .
On 3 October the official rate of AZN was 0.8096 per USD.
The correspondent can be contacted at [email protected]
