17:52 - 19.10.2023

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October 19, Fineko/abc.az. MP Vugar Bayramov has shared his thoughts on the closure of Muğanbank. 

ABC.AZ reports that the MP mentioned about the statement of the Central Bank. He noted that the total volume of bank's loan portfolio was not disclosed in CBA’s statement. 

"At that, the parent bank informed that at the end of Q3 of 2023, insured (compensated) deposits in the bank amount to AZN 216.7 million. The CBA announced that 99.9% of bank's deposits will be compensated. At that, following Q3, the volume of deposits in Muğanbank totaled AZN 322.478 million. If there have been no changes in the deposit portfolio over the past 18 days, Muğanbank had AZN 105.778 million of uninsured deposits. The bankruptcy of Muğanbank once again shows that our citizens should pay special attention to the financial indicators and reporting of the bank when placing deposits. According to the current rules, deposits with payment of dividends in the amount of up to 12% in foreign currency and up to 2.5% in the amount of no more than AZN 100,000 are insured. In this regard, you can be protected from risks by placing deposits in banks within the insured package," the MP stressed.