Azerbaijan, Baku, June 11 / Trend I. Khalilova /
Maximal limit of percent rate on deposits hits 15 percent upon decision of trustee council of the Azerbaijani deposit insurance fund (ADIF), the fund said.
Trustee council fixes maximal limit of deposit rate upon amendments to the law Insurance of deposits in accordance with the Central Bank. The find's insurance covers this limit of deposit rate.
All deposits drawn by ADIF banks-agents are subjected to insurance as of January 1, 2009 on the rate of 15 percent.
Maximal limit of bank deposits insurance also increased to 30,000 manat upon these amendments.
Full compensation was paid if sum of deposit did not exceed 6,000 manat from early 2008. But this sum was expected to reach 8,000 manat from January 1, 2010. Earlier deposits with rate exceeding rate of the Azerbaijani Central Bank 1.8 times (today it hits 2 percent) on the moment of their receiving could not be insured.
The fund launched its activity from August 13, 2007. Presently, the fund has 42 members.
Calendar payments of members hit 0.15 percent of average daily rest on deposits in manat for the previous quarter but 0,125 percent from the third quarter of 2008.
As of April 1, 2009 physical entities' deposits hit 1.746.862 million manat in banks, volume of insured deposits - 1.97.698 million manat. As of the first quarter, 37 percent of deposits of population are not subjected to insurance. Deposits of population increased 2 percent in banks compared to the fourth quarter. But volume of insured deposits reduced 20 percent.
On June 11, the official exchange rate is 0.8039 manat to $1.
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