ADIF authorized capital to be increased

Business Materials 29 December 2016 19:00 (UTC +04:00)

Baku, Azerbaijan, Dec. 29

By Anvar Mammadov – Trend:

Authorized capital of the Azerbaijan Deposit Insurance Fund (ADIF) will be increased in 2017 in line with Azerbaijani President Ilham Aliyev’s decree on approval of the state budget.

According to the decree, Azerbaijan’s Finance Ministry is instructed to increase ADIF’s authorized capital in cooperation with the country’s Financial Market Supervisory Authority (FIMSA).

Rufat Aslanli, chairman of the FIMSA Board of Directors, said earlier that the current mechanism of attracting funds for ADIF’s capitalization through the Central Bank increases its liabilities to the state.

Therefore, FIMSA is developing mechanisms of increasing ADIF’s capitalization.

ADIF started to operate on Aug. 13, 2007.