BAKU, Azerbaijan, November 1. Uninsured deposits of Azerbaijan's MuganBank OJSC amount to 102 million manat ($60 million), Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said during a press conference dedicated to changes in the parameters of the discount rate, Trend reports.
He explained that 76 million manat ($44.7 million) of the above amount belongs to individuals, including 61 million manat ($35.88 million) belonging to one individual and 26 million manat ($15.29 million) to legal entities, 50 percent of which belongs to two companies.
"It's for this reason that the cancellation of MuganBank's license won't affect financial stability," he explained.
The Azerbaijan Deposit Insurance Fund (ADIF), which is the liquidator of MuganBank OJSC, announced that the payment of compensation for insured deposits of the population in the bank will begin on November 27.
In general, the Central Bank of Azerbaijan (CBA) lowered the discount rate on November 1 from nine to 8.5 percent, the upper limit of the interest rate corridor from 10 percent to 9.5 percent, and the lower limit from 7.5 percent to seven percent.
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