Maximum amount of insurance coverage for deposits may be increased in Azerbaijan
Baku, Azerbaijan, Feb. 24
By Maksim Tsurkov - Trend:
The Azerbaijan Deposit Insurance Fund of Individuals (ADIF) is currently studying the possibility of increasing the maximum amount of insurance coverage for deposits, executive director of the Azerbaijan Deposit Insurance Fund of individuals Azad Javadov told Trend Feb. 24.
He said that the fund currently collects data on deposits from member banks for the upcoming analysis.
"Banks should provide us with new reports on the state of deposits," he said. "Two months have passed since the beginning of 2015, and the information that existed in late 2014, became outdated. We will study the reports and if we consider that the maximum amount (of insurance coverage) is needed to be increased, we will discuss this issue."
Javadov went on to add that the final decision on this matter will be made following the corresponding discussions.
The maximum amount of insurance coverage for deposits in Azerbaijan is 30,000 manats.
ADIF started operating on August 13, 2007. At present, 43 of the 45 banks operating in the country are members of the fund.
Edited by CN
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