Azerbaijan Deposit Insurance Fund (ADIF) has announced a virtual amnesty on bank deposit accounts from 9% to 12% per annum. Although since May 19 of last year the maximum rate on deposits attracted by the banks and to be insured has been reduced to 9%, all deposit accounts up to 12% are considered to be insured as of 24 February this year.
According to the management of ADIF, this is done to mitigate the effect of the devaluation of the manat.
"This decision means that deposits attracted by banks in Azerbaijan after August 1, 2013 at a rate of up to 12% are insured. Deposits at a rate higher than 12% are not insured.
Recall that from August 1, 2013 the maximum rate on deposits attracted by the banks and subject to insurance was already reduced from 12% to 10% and from 19 May 2014 - to 9%. --17D-
Economics
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