Interest rates of deposits insured in national currency are determined in Azerbaijan

Since July 1, Azerbaijan Deposit Insurance Fund has determined the upper limit of annual interest rate on protected deposits in national currency by 10% and in foreign currency – 2.5%, APA reports citing Azerbaijan Deposit Insurance Fund.

According to the information, maximum interest rate on insured deposits up to July 1 is 15% in national currency and 3% in foreign currency and deposit insurance which is protected under this rule, remains in force until the end of the deposit agreement.

Note that depositors do not make any payments for insurance, while insurance premiums are paid only by banks.