Bank deposits to be fully insured in Azerbaijan
Baku, Azerbaijan, Jan. 19
By Anvar Mammadov - Trend:
It has been offered to fully insure deposits in banks of Azerbaijan. The corresponding bill will be considered by the Azerbaijani parliament.
Currently, the maximum level of insurance coverage for deposits is 30,000 manats.
The objectives of the bill are to protect the financial stability on the background of the occurring processes, ensuring the banking system's stability and strengthen the depositors' confidence in banks.
The bill states that within three years, the public deposits, the annual interest rate which does not exceed the maximum level set by the Council of Trustees of the Azerbaijan Deposit Insurance Fund (ADIF) will be insured, regardless of the deposits' amount in banks that are fund's members.
In the insurance case in banks that are ADIF's members, the compensation of uninsured deposits will be paid according to the "Law on deposit insurance".