Azerbaijan to quit insuring population’s deposits

Azerbaijan should quit the process of insuring deposits of population, the chairman of the Board of Directors of the Financial Market Supervisory Authority, Rufat Aslanli, said at a banking conference in Baku.

"We are seeking ways to capitalize the Azerbaijan Deposit Insurance Fund. After capitalization of the ADIF, we must indicate that we have capitalized the ADIF and it has sufficient financial stability to fulfill the obligations. After this, the state should step aside from these processes,” APA cited Aslanli as saying.

According to him, the Fund has paid  710 million manat for 11 banks. And 45 million manat are expected to be paid to 130,000 depositors.