17:58 - 2.03.2020

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March 2, Fineko/abc.az. “Full deposit insurance expires on 4 March. If the term of the Law on Full Deposit Insurance adopted in 2016 is not extended, the terms of another regulatory act - the Law on Deposit Insurance - will come into force. That is, the amount of compensation will be limited to AZN 30,000."

ABC.AZ reports that the above-mentioned statement was made by famous economist expert Samir Aliyev in his account on the social network.

He noted that despite the fact that the term of the law envisaging full deposit insurance was extended by another one year on 19 February 2019, the specific position of the government is not visible in this.

According to Aliyev, there are two days left before the deadline: "In fact, all the expectations until the end of 2019 were related to not extending the deadline. However, with the arrival of 2020 the factor of coronavirus, which came from China and spread throughout the world, created a new situation when sharp decline in economic activity of China has had negative impact on world markets, including the vitally-important-for-Azerbaijan oil market. Since the beginning of the new year the price of Brent oil, which still plays the role of a price benchmark for Azerbaijani oil, has fallen from $68 to $51. It is very difficult to say how much and to what extent the reduction in price will last. It is obvious that if the problem of the virus is not solved and the process is delayed, then the reduction in price will continue. This is not a desirable phenomenon for the oil-dependent economy of Azerbaijan. If the threat of the virus is not eliminated as soon as possible, we can predict that it will be more difficult for Azerbaijan than during the crisis of 2015."