Azerbaijan increases deposit insurance compensation
BAKU, Azerbaijan, Dec. 28
Azerbaijani President Ilham Aliyev approved the law changing the law "On Deposit Insurance", Trend reports.
In accordance with the changes, the Deposit Insurance Fund issues compensation in the amount of 100 percent of the insured deposit, but not more than 100,000 manat ($58,823). Previously, this amount was 30,000 manat ($17,647).
The funds in bank accounts opened by individuals in connection with entrepreneurship are reimbursed in the amount of no more than 20,000 manat ($11,764) while the funds of individuals in deposit accounts of notaries are reimbursed in the amount of 100 percent of these funds.
This law will come into force on April 5.