Repayment term to be reduced in Azerbaijan

The period for repaying insured deposits to the population by the Azerbaijan Deposit Insurance Fund (ADIF) will be reduced in case the bank becomes bankrupt, the Executive Director of the Fund Azad Javadov told press on Tuesday.

"Draft amendments have been made to legislation in accordance with new European directives," he said. "The fund is coordinating these proposals with the Azerbaijani Central Bank."

He said that the fund will move to new software. Payment will be possible to make within a maximum period of 14 days.

At present, the payments can be made within 90 days from the date of the depositor's appeal to the bank or fund, according to the country’s current legislation.

"Our main goal is to maximally reduce the term to up to 14 days," he said. "It is important to consider the application and complete payment by this time."


/Trend/