Bank deposits doubled in Azerbaijan in 2007

Bank deposits doubled in Azerbaijan in 2007

Bank deposits doubled in Azerbaijan in 2007

The FINANCIAL -- According to APA-Economics, deposits at banks doubled in Azerbaijan during 2007, said the National Bank of Azerbaijan.

 

The central bank said dynamism in bank deposits was pushed by establishment of Azerbaijan Deposit Insurance Fund in August.


According to the latest data, deposits by 1.8 million depositors have been insured and deposit insurance rate is 83%.


“From 2008, insurance of deposits will be increased in terms of both number and amount. The amount which is insured will be raised to AZN 6,000 from AZN 4,000,” said the national bank.


As of December 1, 2007, deposits with banks in Azerbaijan reached AZN 3.2764 billion and bank liabilities stood at 53.3%.