BAKU, Azerbaijan, July 1
By Tamilla Mammadova – Trend:
Starting July 1, the maximum amount of money through which the Deposit Insurance Agency insures depositors in Georgia will increase to 15,000 lari ($4,925), Trend reports through the Deposit Insurance Agency.
Until now, the limit was only 5,000 lari ($1,641).
If the bank in which the citizens have saved money suddenly finds itself in a crisis and fails to meet its obligations, the agency will reimburse depositors up to 15,000 lari ($4,925).
The Deposit Insurance System was launched in January 2018 and includes all commercial banks. In this system, banks pay premiums to the agency for insurance, which is equal to 0.067 percent of lari deposits and 0.1 percent of foreign currency deposits.
Banks pay insurance premiums every month. According to the agency, the amount of paid premiums in June amounted to 1.55 million lari ($509,008). In total, the insurance premium received by the agency from the banks is 40 million lari ($13.1 million).
Deposits of 29.1 billion lari ($9.5 billion) are placed in the banking sector in total. However, 2 billion portfolios are insured by the Deposit Agency, which are deposits of up to 5,000 lari ($1,641). From July 1, along with the increase of the limit to 15,000 lari ($4,925), the volume of the insured portfolio will also increase.
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