14:37 - 11.12.2020

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December 11, Fineko/abc.az. The procedure for ensuring the return of deposits is being changed.

ABC.AZ reports that the bill on the amendments to the Civil Code of Azerbaijan was submitted for discussion at today's session of Milli Majlis.

During the discussions it was proposed to increase the amount of compensation for insured retail deposits from AZN 30,000 up to AZN 100,000 (equivalent to AZN 100,000 in foreign currency).

Besides, it was also proposed to insure the retail deposits of person engaged in individual entrepreneurship (the amount of compensation is set at the level of AZN 20,000).

At present, bank deposits are insured compulsorily through the deposit insurance system established on the basis of the Law on Deposit Insurance, and are compensated by the Azerbaijan Deposit Insurance Fund in the event of a bank default. The draft amendments to the law were adopted in the first reading after discussion.