No restriction in deposit withdrawal from IBA: Azerbaijani official
Baku, Azerbaijan, May 25
By Azad Hasanli – Trend:
There are no restrictions or problems at the International Bank of Azerbaijan concerning the withdrawal of deposits, said depositrbaijan’s Deputy Finance Minister Azer Bayramov.
He made the remarks at a meeting of the Azerbaijani Parliamentary Committee for Economic Policy, Industry and Entrepreneurship.
“I believe the bank’s management has given sufficient explanations in this regard. Now anyone can withdraw their deposits from the bank, but I think there is no reason and need to do that as debt restructuring covers foreign creditors only,” Bayramov said.
He reminded that currently, management of the IBA and the Finance Ministry – IBA’s main shareholder – are negotiating with these creditors for debt restructuring.
Earlier, the IBA commenced a process of voluntary debt restructuring as part of its rehabilitation.
The International Bank of Azerbaijan has been operating since 1992 and is one of the country’s two state-owned banks.