Baku, Azerbaijan, Mar. 7
By Anvar Mammadov – Trend:
It is planned to expand the scope of deposit insurance coverage in Azerbaijan, Azad Javadov, executive director of the Azerbaijan Deposit Insurance Fund (ADIF), told Trend.
“Currently, ADIF insures deposits of individuals only,” Javadov said. “I think that gradually we will start insuring deposits of legal entities, as well as owners of small and medium-sized enterprises. We already offered to insure deposits of private entrepreneurs, but this proposal should be considered by the Azerbaijani legislative bodies, and only after that the appropriate decision will be made.”
Javadov added that the amount of the insured deposits of private entrepreneurs will differ from the amount of the insured deposits of individuals.
ADIF has been operating since August 13, 2007. The upper limit of the interest rate on insured deposits of individuals in foreign currency is 3 percent. The maximum interest rate on individuals’ manat deposits covered by insurance is 15 percent.