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Azerbaijan increases interest rate on insured deposits

Economy Materials 16 September 2016 13:44 (UTC +04:00)
The Azerbaijan Deposit Insurance Fund (ADIF) has increased the maximum interest rate on manat deposits covered by insurance from 12 percent to 15 percent
Azerbaijan increases interest rate on insured deposits

Baku, Azerbaijan, Sept. 16

By Anvar Mammadov, Azad Hasanli – Trend:

The Azerbaijan Deposit Insurance Fund (ADIF) has increased the maximum interest rate on manat deposits covered by insurance from 12 percent to 15 percent, head of Azerbaijan Banks Association Zakir Nuriyev told reporters Sept. 16.

ADIF Executive Director Azad Javadov told Trend that the decision comes into force starting from Sept. 16.

The decision to raise the maximum interest rate was made only regarding the deposits in national currency, the maximum rate on insured US dollar deposits was left unchanged, he said.

The upper limit of the interest rate on insured deposits in foreign currency is 3 percent.

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