Baku, Azerbaijan, Jan. 11
Majority of depositors in Azerbaijan are protected from damage, said Samir Sharifov, the Finance Minister.
He made the remarks at a meeting of the Cabinet of Ministers chaired by President Ilham Aliyev dedicated to the results of socioeconomic development of the country in 2017 and future objectives on Jan. 10.
The minister noted that not only in Azerbaijan, but also in the entire region, the banks faced the greatest damage from the negative impact of external shocks on the economy.
“However, unlike the other countries, in our country, according to a law specifically enacted in 2016, state provides 100 percent guarantee to the insured deposits placed in private commercial banks. As a result, the absolute majority of bank depositors are fully insured against damage,” Sharifov said.
Sharifov recalled that within the framework of measures for improvement in the banking sector, Azerbaijan Deposit Insurance Fund received 545 million manats to pay for compensations to depositors of a number of banks.