Is an increase in the maximum interest rate on protected deposits expected in Azerbaijan?

No changes are expected in connection with the increase in the maximum annual interest rate on protected deposits.

As reported by an Oxu.Az staff member, this was stated by Azer Amirov, Director of the Legal Department of the Deposit Insurance Fund, at the forum "National Press Day: Dialogue and Cooperation" in Shamakhi.

According to him, in the practice of many countries, the maximum interest rate limit is not applied at all.

"However, another question arises here. Our banking system and the deposit market as a whole are relatively recently established systems. Therefore, this approach has certain advantages for people. That is, if they place their deposits within the established interest rate, their funds will be considered protected deposits and compensation will be paid on them."

It should be noted that in Azerbaijan, the maximum annual interest rate on protected deposits is 12% in the national currency (manats) and 2.5% in foreign currency.