It is expected that in early August, the Deposit Insurance Fund of Azerbaijan will start functioning.

Chairman of the Board of Trustees of the Fund Chengiz Asadullayev informed that at present the National bank of Azerbaijan selects banks, which will become members of the Fund. 19 of the existing 44 banks are already selected to be members of the Fund.

“These are the banks, for which the NBA has no doubts and they have a capital over 10mln manats”, Asadullayev stated.

The Fund will be formed at the expense of the primary membership fees, which make 10 thousand manats for each bank. In addition, in accordance with the law “On deposit insurance”, deductions to the Fund are provided for.