11:56 - 4.03.2025

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March 4, Fineko/abc.az. Azerbaijan has recently seen an increase in deposit rates in banks, in particular, in foreign currency.

ABC.AZ informs that currently, some systemically important banks have increased the annual interest rate on deposits in US dollars to 4.5% and 3.0% on deposits for 3 months.

MP Vugar Bayramov said that banks already offer deposits higher returns than insured interests, which leads to an increase in the volume of unsecured deposits. He added that according to the current legislation, deposits of up to 100,000 manats are insured in each participating bank. The annual interest rate on secured deposits is 12% in national currency and 2.5% in foreign currency.

"But currently, most banks offer deposit rates of up to 5.0% in foreign currency. This means that deposits that bring higher income than the percentage of the protected deposit are not insured. And in case of bank bankruptcy, these deposits will not be refunded," the MP noted.