Azerbaijani Central Bank assigns Premium Bank to take measures to better inner procedures

BAKU, Azerbaijan, February 26. The Central Bank
of Azerbaijan (CBA) has instructed Premium Bank OJSC to implement
internal procedures improvements, as reported by the Azerbaijani
Central Bank.

“This decision was made due to a violation of Article 47 of
the Banks Law. The Central Bank’s statement mentioned that, based on a report submitted at the end
of January, the incorrect calculation of the liquidity coverage ratio in foreign currency resulted in failure to
meet the requirement to maintain this indicator above the established threshold outlined in
paragraph 7.2 of the “Procedure of Liquidity Risk Management in
Banks,” the CBA statement explained.

Premium Bank OJSC has been in operation since January 25, 2008.
As of the end of 2023, the bank’s assets amounted to 685.1 million manat ($403
million), its loan portfolio stood at 471.8 million manat ($277.5
million), its liabilities were at 507.8 million manat ($298.7
million), and its capital was 177.2 million manat ($104.2
million).

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