One more statement about deposit insurance - confidence to banking sector to increase

11:56 - 16.03.2020


March 16, Fineko/abc.az. After the head of state addressed to Milli Majlis in connection with the extension of the term of full insurance of all protected deposits by another nine months, the parliamentarians adopted the amendments to the Law on Full Deposit Insurance.

ABC.AZ was informed at the Central Bank that the extension of the Law on Full Deposit Insurance will help protect more reliably the interests of depositors and creditors, ensure the stability and health of the financial sector, and strengthen confidence in the banking sector.

Changes to the Law will take effect after approval by the President. Thus, the term of full deposit insurance, regardless of the amount of all protected deposits (in national currency, the upper limit of the annual interest rate is 10%, in foreign currency 2.5%), the type of currency and the financial condition of banks within the annual interest rate set by the Board of Trustees of the Azerbaijan Deposit Insurance Fund for deposits, will be extended from 4 March to 4 December 2020.

 

Other news