Maximum interest rate on insured deposits ups
The Azerbaijan Deposit Insurance Fund (ADIF) increased the maximum level of interest rate on insured deposits from 9 to 12 percent starting from February 24.
The Fund reported that the decision was taken at an extraordinary meeting of the board of trustees of the ADIF.
“The decision takes effect from February 24 2015, and starting from that date the contributions to the fund member banks at an interest rate of 12 percent will be insured,” according to the Fund’s message.
As of early February 2015, the insurance reserves of the fund amounted to 92 million manats.
The maximum amount of insurance coverage for deposits in Azerbaijan is 30,000 manats.
ADIF started operating on August 13, 2007. At present, 43 of the 45 banks operating in the country are members of the fund.
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