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Interest Rate on Foreign Currency Deposits in Banks to Be 12%
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-
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