Azerbaijan Deposit Insurance Fund not to change insurance coverage terms yet
Baku, Fineko/abc.az. Azerbaijan Deposit Insurance Fund that prepared the draft agreements to the law on deposit insurance will not change the terms for insurance coverage provision yet.
ADIFs Executive Director Azad Javadov has reported in Baku that the Fund thoroughly traces the situation at the countrys bank market estimating existing rates and tendencies on quarterly basis.
" Thus after definition of deposit rate maximum at which full coverage is expanded on the deposit the banks drew deposits for AZN 1.8 bn at the level of 12%. Of these approximately 50% of deposits were carried out at a rate of 12% or more and the other 50%-less than 12%. If we want to preserve existing market coverage ( the coverage is extended to 96% of depositors ) then there is no need for changing the rate butt we will continue monitoring",- A. Javadov said. Also there is no need for changing the size of deposit fully covered by insurance (AZN 30.000).
"Presently it exceeds GDP indicator per capita over 5-fold and on the whole corresponds to average deposit size",- A. Javadov noted.
At present the Fund members are 43 out of 44 Azerbaijani banks. Its assets are estimated at AZN 37 million and quarterly rise by AZN 2.5 million on average.
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