Azerbaijan reduces interest rate on foreign currency deposits

The upper limit of annual interest rate on insured deposits in foreign currency was reduced from 12% to 3% from the March 1st, the Azerbaijan Deposit Insurance Fund said.

The corresponding decision was made at the extra-ordinary meeting of Board of Trustees of the fund and agreed with the Central Bank of Azerbaijan. At the same time, the upper limit annual interest rate on insured deposits in the national currency remains at the level of 12%, Trend reports.

According the law 'on deposit insurance', all insured deposits with the interest rate provided by the Board of Trustees of Azerbaijan Deposit Insurance Fund (lower than 3% and 12%) will fully be insured for three years regardless of amount.