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Upper level of percentage rate for protected deposits in national currency raised to 12%

07 May 2020 10:43 (UTC +04:00)

The Supervisory Board of the Deposits Insurance Fund has adopted the decision about rising from 10% to 12% the upper level of the annual percentage rate for the protected deposits expressed in national currency beginning from June 1, 2020, by approval of the Central Bank of the Azerbaijan Republic, based on the recommendation of the Financial Stability Council of the Azerbaijan Republic, “APA-Economics” reports citing the Deposits Insurance Fund.

Deposit Insurance Fund notes that the upper limit of annual interest rate over protected deposits in foreign currency in member banks of Deposit Insurance Fund made up 2.5%.

Depositors don’t make any payment for insurance of deposits, insurance payments are paid only by banks.