Deposit insurance system to be expanded in Azerbaijan
Azerbaijan, Baku, Sept. 27 /Trend, N.Ismayilova/
Azerbaijan Deposit Insurance Fund (ADIF) intends to expand the deposit insurance system and cover the accounts of individual entrepreneurs, ADIF executive director Azad Javadov said to a press conference on Tuesday.
"The Fund has prepared a draft of amendments to the legislation, which envisages insurance of deposits of individual entrepreneurs, as well as protecting investors," said Javadov.
According to him, the agenda of the Fund also includes measures to facilitate the activities conducted in the country to ensure the protection of investors.
ADIF began its activity in August 13, 2007.
Today, members of the Fund are 43 banks out of 44 banks operating in the country. Because of non-compliance with the Central Bank's requirements, one bank is still working with a limited license, not having an access to receiving deposits.