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Azerbaijani ISB’s investment portfolio up by over 20%

Business Materials 8 May 2017 18:49 (UTC +04:00)

Baku, Azerbaijan, May 8

By Azad Hasanli – Trend:

Investment portfolio of Azerbaijan’s Compulsory Insurance Bureau (ISB) amounted to 35.55 million manats in 2016, which is 20.5 percent more than in 2015, reads the ISB financial statement.

The ISB placed funds in manats, US dollars and euros in order to reduce the risks, according to the financial statement. A major part of funds – 43 percent – was placed in the US dollars, while 28 percent in manats and 29 percent in euros.

The biggest part of the bureau’s funds (4.4 million manats) was placed in Bank Standard, 3.3 million in PASHA Bank, 2.76 million manats in Yapi Kredi Bank Azerbaijan and almost 2.5 million manats in AGBank.

The ISB’s 2016 income was 9.3 million manats, which exceeds the forecast by 418,000 manats. These funds were formed through membership fees from insurance companies (nearly 6.7 million manats), interest yields from the placed deposits (1.3 million manats), fees for registration in the insurance registry (200,000 manats), etc.

The bureau’s costs were 5.2 million manats in 2016, which is 830,500 manats less than projected.

The official exchange rate on May 8 is 1.7026 AZN/USD.

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