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Validity period of law on full deposit insurance to be extended in Azerbaijan

Validity period of law on full deposit insurance to be extended in Azerbaijan
President of Azerbaijan Ilham Aliyev will extend the validity period of the law on full deposit insurance for one more year, Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms and Communications, said Feb. 8, Trend reports. He said that the draft of amendments to the "Law on Full Deposit Insurance” is under consideration by the Azerbaijani parliament. "The decision on full deposit insurance entered into force on March 4, 2016, and its validity period expires in March this year,” he noted. "Therefore, President Ilham Aliyev will extend the validity period of the law on full deposit insurance until March 4, 2020.” Earlier, deposits up to 30,000 manats were considered as insured. The only condition was that the interest rate on the deposit shouldn’t exceed the limits set by the Azerbaijan Deposit Insurance Fund. In accordance with this, deposits of the population in national currency at a rate higher than 15 percent per annum and in foreign currency at a rate higher than 3 percent per annum aren’t covered by insurance. The Azerbaijan Deposit Insurance Fund started operating August 13, 2007.

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