In which currencies shall compensation be paid in case of an insurance incident?
In case of an insurance incident the compensation shall be paid in manats for the deposits in national currency; compensation shall be paid as one deposit account in manats for deposits both in national and foreign currencies; in USD or EUR according to the currency of the deposit for the deposits in USD and EUR deposits. For deposits denominated in other foreign currencies compensation shall be paid in USD or EUR based on the official exchange rates defined by the National Bank.
Compensation paid to a depositor
Starting March 2, 2016 deposits
accepted by the Fund’s member banks with the annual interest rate 2,5% in the
foreign currency and 10% in the national currency will be fully insured for 4
(four) years.
An insured deposit:
It is such a part of deposit that will be compensated by the Fund in the amount defined by Law "on deposit insurance" in case of insurance incident in the participant bank where a depositor is serviced.
