Azerbaijan considers introduction of new deposit insurance model

BAKU, Azerbaijan, Jan. 31

By Eldar Janashvili - Trend:

The Central Bank of Azerbaijan (CBA) is considering a new model of deposit insurance, Elman Rustamov, CBA chairman, told reporters in Baku at a press conference on changing the interest rate, Trend reports from the event Jan. 31.

Rustamov noted that the system of full deposit insurance should be abandoned smoothly.

“After a smooth, soft solution to all the existing problems in the field of deposit insurance, we will face the need to introduce a new insurance model,” the CBA chairman said.

Rustamov noted that some problems in the financial sector haven’t yet been resolved. However, to date, financial stability has been achieved in the country, the chairman said.

“The CBA has every opportunity to solve all concrete problems and must do it as soon as possible,” Rustamov added.

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