17:00 - 27.04.2020

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April 27, Fineko/abc.az. A law on the extension of the term of full insurance by nine months, regardless of the amount of all protected deposits of the population, has been signed.

ABC.AZ reports with reference to the Central Bank's statement that this decision, in the context of other important decisions taken in the context of the pandemic, is primarily aimed at ensuring the interests of the Azerbaijani population and strengthening the stability of the country's financial system.

Thus, the term of full insurance by Azerbaijan Deposit Insurance Fund’s member bank, regardless of the amount of all protected deposits within the limits of the annual interest rate on deposits and the type of currency established by the ADIF Board of Trustees, has been extended until 4 December 2020. The extension of the Law on Full Deposit Insurance will make it possible to more reliably protect the interests of depositors and creditors, maintain the stability and health of the financial sector, and further strengthen confidence in the banking sector. The continuation of full deposit insurance will contribute to the growth of its role in the economy, further improve the access of businesses and the population to financial services by completing the restructuring of the banking sector and, thus, seriously supporting the recovery of the sector.

This decision serves to protect the interests of a total of 8.3 million depositors (including term savings accounts in various banks for one depositor, as well as current accounts), including deposits in the amount of AZN 7.3 bn.