Baku, Azerbaijan, Feb. 12
By Anvar Mammadov - Trend:
Azerbaijan Deposit Insurance Fund (ADIF) may reduce the upper limit of the interest rate on insured deposits of individuals, Elman Rustamov, chairman of the Central Bank of Azerbaijan, said at a press conference in Baku on Feb. 12.
He said that the upper limit of the interest rate on insured deposits usually depends on the refinancing rate, and its decrease may lead to reduction of the upper limit of the interest rate on insured deposits.
“Given the reduction in the refinancing rate from 15 to 13 percent, ADIF may also reduce the upper limit of the interest rate on insured deposits,” Rustamov said.
In turn, a source in the ADIF told Trend that this issue hasn’t yet been discussed in the fund.
“The ADIF Board of Trustees can make decision to change the upper limit of the interest rate on insured deposits,” the source noted.
The ADIF has been operating since August 13, 2007.
The upper limit of the annual interest rate on insured deposits of individuals in foreign currency is 3 percent. The maximum annual interest rate on individuals’ manat deposits covered by insurance is 15 percent.