Azerbaijani President signs Law 'On full insurance of deposits'

Baku. 1 March. REPORT.AZ/ Azerbaijani President Ilham Aliyev has signed the law 'On full insurance of deposits'.

The objectives of the law are to protect the financial stability on the background of the occurring processes, ensuring the banking system’s stability and strengthen the depositors’ confidence in banks.

The law states that within three years, the public deposits, the annual interest rate which does not exceed the maximum level set by the Council of Trustees of the Azerbaijan Deposit Insurance Fund (ADIF) will be insured, regardless of the deposits’ amount in banks that are fund’s members.

In the insurance case in banks that are ADIF’s members, the compensation of uninsured deposits will be paid according to the “Law on deposit insurance”.