Highest rate on insured deposits to be reconsidered in Azerbaijan
Baku, Azerbaijan, Jan. 28
The Azerbaijan Deposit Insurance Fund (ADIF) will reconsider the highest rate on insured deposits, said Azad Javadov, the ADIF executive director, at a press-conference Jan. 28.
He said that after the "Law on Full Deposit Insurance" enters into force, an emergency meeting of the ADIF Board of Trustees will be held.
"Once the law comes into force, the limit on the amount of insured deposits will be removed, rather than the limit on interest rate, which covers the ADIF guaranteed deposits," he said.
Therefore, he added, the ADIF Board of Trustees will review the issue of reconsidering this rate.
Javadov also said that interest rates on manat and dollar deposits will vary.
"Given that the majority of the foreign currency deposits account for foreign deposits, we will likely apply a double differentiation," he added. "That is, one percent interest rate will be applied for deposits in all foreign currencies. Other countries too practice this."
He also said it is early to say anything about interest rates.
"We are collecting reports from banks," said Javadov. "The work hasn't been finished yet. We will be able to draw a report on the structure of deposits in our banks in a few days. Afterwards, we will be able to set interest rate