Azerbaijan fully insures all protected deposits regardless of amount till April 5, 2021
By Trend
All protected deposits, regardless of the amount, are fully insured in Azerbaijan until April 5, 2021, Trend reports.
This has been outlined in the changes to the Law of Azerbaijan "On Full Insurance of Deposits", approved by President of Azerbaijan Ilham Aliyev.
In accordance with the changes, all protected deposits, the interest rates of which are within the annual interest rate set for deposits by the Board of Trustees of the Deposit Insurance Fund in accordance with Article 8.1.20 of the Azerbaijani law "On Deposit Insurance", regardless of the amount, are fully insured until April 5, 2021 by the banks - participants of the Fund, who have a special agreement (license) for banking activity.
The law "On Full Deposit Insurance" entered into force on January 19, 2016 and envisaged full insurance of all protected deposits for four years and nine months from that date.
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