Bank Of Baku

Azerbaijan Deposit Insurance Fund takes on board one more bank

Azerbaijan Deposit Insurance Fund takes on board one more bank
# 23 February 2009 14:28 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. One more bank – AF-Bank – has become a member of the Azerbaijan Deposit Insurance Fund.
The Fund said 40 of 46 banks in the country are members now. A newly established AzFinance Bank joined the Fund last month.
The deposit insurance ceiling is AZN 6 000 at present.
Under the Deposit Insurance Law, deposits received by a bank at an annual yield of 1.8 times the discount rate set by the central bank are not eligible for insurance.
Azerbaijan Deposit Insurance Fund has been in operation since August 13, 2007 and has 38 bank members.
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THE OPERATION IS BEING PERFORMED