Ambassador Gholamreza Bagheri Moghaddam sent a letter to the head of Iran Chamber of Commerce saying “according to the report received from Iran’s embassy in Baku, the license of Demirbank of Republic of Azerbaijan has been revoked since December 23, 2017 and the Azerbaijani Kapital Bank has been chosen as the bank that will reimburse clients who had deposits in Demirbank.”
According to the normal procedure in Republic of Azerbaijan, clients who make deposits in Azerbaijani banks have 60 days to withdraw their deposits from substitute banks.
The letter sent by Gholamreza Bagheri Moghaddam to Gholamhossein Shafei reads “the process to reimburse clients for their deposits by Kapital Bank will start early in February 2018 and clients have 60 days to withdraw their deposits. In case they do not do so within 60 days, they will no more have any legal rights to withdraw their deposits.”
According to Moghaddam, there have been similar cases in the past where Iranian depositors who failed to take timely action to withdraw their deposits, endured losses.
In case individuals have bank accounts in Demirbank, they are advised to withdraw their deposits from Kapital Bank of Azerbaijan within the specified amount of time.
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