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Azerbaijan sets 15% interest rate ceiling for insured deposits

Azerbaijan sets 15% interest rate ceiling for insured deposits

10 June 2009 16:23 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Azerbaijan Deposit Insurance Fund has today held a meeting of the board of trustees.

The meeting passed a decision to set 15% annual interest rate ceiling for insured deposits.

The move which is agreed on with the Central Bank states that deposits earning 15% per annum in the member banks are considered insured.

According to the changes, the maximum amount of insurable deposit is AZN 30 000 and depositors are not required to pay for deposit insurance but member banks are obliged to pay for insurance.

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