Bank Of Baku

Azerbaijan Deposit Insurance Fund takes on board one more bank

Azerbaijan Deposit Insurance Fund takes on board one more bank
# 04 March 2009 09:54 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. One more bank – Kredobank – has become a member of the Azerbaijan Deposit Insurance Fund.
The Fund said 41 of 44 institutions with a full bank license in the country are members now.
AF-Bank and newly established AzFinance Bank and joined the Fund in 2009.
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.
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THE OPERATION IS BEING PERFORMED