Increased Maximum Insured Interest Rate on Deposits of Population
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
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review