Ways to Take USD from under "Cushion" Searched

The central bank is seeking the return of public confidence in the financial sector. One of the measures is a possible consideration of the full amount of the guarantee deposit. This is stated by the Central Bank on the main directions of monetary and financial stability this year.

The document says that this year will focus on issues such as the expansion of deposit insurance and the transition to the differentiated insurance system.

After the devaluation in February of last year, the Deposit Insurance Fund raised the interest rate of the insured deposits from 9 to 12. The rest of the deposits are considered uninsured now.

If a bank that received a deposit, for whatever reason, cannot give it back, the payment of the insured deposit currently stands at 30 thousand manat. If your contribution is above this amount, it means that you really trust your bank.

Some wealthy people take action in accordance with these terms and conditions. They make deposits in various banks, splitting them by 30 thousand manat and registering them in the name of their loved ones. Some people put their money under the "cushion". Now the central bank is seeking ways to strengthen the money.

The fall of the manat is forcing depositors to take care of the protection of their deposits. As a result, in 2015, household deposits in foreign currency increased by 40%, exceeding 5 billion US dollars.

By the end of 2015, according to the available information at the central bank, bank deposits amounted to more than 7 billion manat. However, be aware that after the devaluation of the manat to the US dollar by 34% bank accounts in March rose to 7.932 billion manat, while in February they were 7.121 billion manat. In the following months, they quickly began to "thaw." That is, the population chose to withdraw their deposits. As a result, on November 1, 2015, the total deposits decreased to 7.172 billion manat. However, it is 168 million AZN higher than previous figures, but the manat is no longer the same.

Currently, banks - members of the Deposit Insurance Fund serve 7.3 million depositors, of which 91% are insured depositors. -0-