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Azerbaijan Deposit Insurance Fund may reduce percentage ceiling on insured deposits

Business Materials 31 July 2012 18:13 (UTC +04:00)
The Azerbaijan Deposit Insurance Fund (ADIF) may change a percentage ceiling on insured deposits soon, which hits 12 percent now, ADIF executive director Azad Javadov told media today.
Azerbaijan Deposit Insurance Fund may reduce percentage ceiling on insured deposits

Azerbaijan, Baku, July 31 / Trend A. Hasanov /

The Azerbaijan Deposit Insurance Fund (ADIF) may change a percentage ceiling on insured deposits soon, which hits 12 percent now, ADIF executive director Azad Javadov told media today.

"This will depend on the situation with interest rates on deposits in the country's banking market, which tend to decrease," Javadov said.

Javadov said that ADIF does not consider the issue of increasing the maximum level of insurance coverage on deposit, which has hit 30,000 manat since 2009.

Until 2009, the maximum level of insurance coverage on deposit amounted to 6,000 manat," he said. "This figure was planned to increase to 8,000 manat in 2010, but the limit was increased five-fold due to the increased risk to the bank deposits.

"This is the highest rate among CIS countries," he said. "This figure is $30,000 in Kazakhstan, $22,000 in Russia compared to $38,000 in Azerbaijan," Javadov said.
The official exchange rate is 0.7855 AZN/USD on July 31.

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