Reducing the limit on insured deposits in foreign currency to 3% refers to deposits invested in banks of Azerbaijan since March 2, 2016.
At a press conference the head of the Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov said, commenting on the decision of the Supervisory Board, the limit will not be affected on the deposits of the population, acting before that date.
Recall, on March 1 ADIF Board of Trustees kept the upper limit of interest rates on insured deposits in manats at the level of 12%, and the annual interest rate in foreign currency decreased to 3%.
Thus, the aim of attracting insured deposits in the national currency is to be achieved. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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