Azerbaijan sees no need to revise maximum deposit insurance coverage
Azerbaijan, Baku, 11 March / Trend, A. Akhundov /
The Azerbaijani government sees no need to revise the maximum deposit insurance coverage for one contribution, which currently stands at 30,000 manat.
This is stated in the government report on 2012 outcomes.
"With the establishment of the Azerbaijan Deposit Insurance Fund (ADIF) in 2007, the maximum amount was set at 6,000 manat, then in 2009, it was increased by five times - to 30,00 manat. However, the cumulative inflation rate over the past five years was several times lower (46.5 per cent). Overall, global practice provides for the calculation methodology with consideration of GDP per capita for the determination of compensation for deposit insurance (the amount of compensation should be double that figure.) Given this methodology, the existing plank is twice the calculated rate," the report says.
In 2012, GDP per capita in Azerbaijan amounted to 5,884.5 manat ($ 7490.5).
The official exchange rate on March 11 is 0.7849 AZN / USD.