Azerbaijan, Baku /corr. Trend I.Khalilova / Nearly 26% (AZN 260mln) of public deposits may be insured at the expense of the Azerbaijan Deposit Insurance Fund, said the Director of Azerbaijan National Bank's Department for Control of Credit Organizations, Adishirin Gasimov, on 10 August.
As of 1 July, the banks have attracted more than AZN 1bln deposits from the public. In accordance with the law, the deposits, placed by 1 January 2008 in the amount of less than $4,700 will be compensated in full. The Deputy Chairman of Azerbaijan National Bank's Executive Director, Aftandil Babayev, said that 2.5mln deposit accounts which were opened up to 1991 will be taken into consideration. In general 5.2mln deposit accounts have been opened in Azerbaijan. The Azerbaijan Deposit Insurance Fund will commence its activity on 13 August. The initial insurance reserves will be formed through membership fees from 30 banks.