15:33 - 1.10.2018

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October 1, Fineko/abc.az. The Law on Full Deposit Insurance has been valid in Azerbaijan since March 2016.

Under the Law, restrictions on the size of a bank deposit covered by insurance, set previously at the level of up to AZN 30,000 and at interest rate not exceeding 12% per annum, are removed.

During today’s first meeting of Milli Majlis autumn session MP Vahid Ahmadov proposed to extend the Law on Full Insurance which expires in March 2019.

"I ask the president to extend the term of this document, as the situation of the banking sector is difficult. Otherwise, it can lead to a situation when depositors will take their money from banks, and there can appear a problem with capitalization of banks. The difficult state of the banking sector may worsen even more," he stressed.