Azerbaijan Deposit Insurance Fund (ADIF) in the background of the manat crisis sharply raised the maximum interest rate on deposits, attracted by private banks. From today, it is not 9% as before, but 12%.
According to the report, deposits placed from February 24 at a rate of above 12% shall be deemed not insured.
ADIF was created under the presidential decree of February 9, "On approval and enactment of the Law "On deposit insurance " adopted December 29, 2006. The Fund fully covers contributions in the amount of up to 30 thousand manat. The main objective of the Fund is guarantee of returning savings to bank depositors in case of bank failure and liquidation of its license to accept deposits.
Members of the Deposit Insurance Fund are 44 banks. --17D-
Economics
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