Baku. Vahab Rzayev – APA-Economics. From August 1, the upper limit of insurance deposits in the Azerbaijan-based commercial banks will be reduced to 10% from 12%, Deposits Insurance Fund reported.
According to DIF, for regulation of interest rates on the deposits involved by the banks, the Fund periodically analyses interest rates. Thereafter it submits the issues on changing depending on the dynamic to the discussion of the Board of Trustees
At the same time, the banks observed reduction in the deposits involved by the banks with the interest above the maximum interest rate (+12%).
Fund’s Board of Trustees has discussed the issue on maximum interest rate of insured deposits and the interest rates reduced to 10% from 12%.
Note that it does not concern deposits placed by August 1.
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