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Nearly two-third of deposits insured in Azerbaijani banks

Business Materials 26 July 2013 18:35 (UTC +04:00)
In the second quarter of 2013, 67 percent (3.77 billion manat) have been insured, 33 percent (1.85 billion manat) - uninsured of the total volume of physical entities' deposits (5.618 billion manat) in the member-banks of Azerbaijan Deposit Insurance Fund (ADIF), ADIF said today.
Nearly two-third of deposits insured in Azerbaijani banks

Azerbaijan, Baku, July 26 / Trend, I. Khalilova /

In the second quarter of 2013, 67 percent (3.77 billion manat) have been insured, 33 percent (1.85 billion manat) - uninsured of the total volume of physical entities' deposits (5.618 billion manat) in the member-banks of Azerbaijan Deposit Insurance Fund (ADIF), ADIF said today.

Some 42 of 43 operating banks are members of the fund.
The total amount of physical entities' deposits increased by 7.8 percent (405 million manat).

The member-banks serve 4.979.666 million depositors, 93 percent (4.643.023 people) of them are insured.

The volume of insured deposits increased by 203 million manat - up to 1.813 billion manat, which is 46.1 percent of insured deposits compared to the previous quarter.

Some 58 percent of insured deposits have been placed in manat, 38 percent - in U.S. dollars and 4 percent - in euros.

The fund's insurance reserves hit 54.2 million manat, total assets - 61.6 million manat.

"The fund's free assets are managed in accordance with the ADIF investment policy," a statement said.

Around 46.4 million manat of funds in manat were placed in state securities and the average annual yield hits 4.4 percent. Around 5 million euros were transferred for the management of the "Deutsche Asset & Wealth Management International" company.

The deposits placed in ADIF member-banks at an annual interest rate of over 12 percent, are not insured by the fund. The compensation is not ensured.

Currently, the maximum level of insurance coverage for a deposit is 30,000 manat. The depositors do not make any payments to insure their deposits. The insurance payments are made only by the banks themselves.

ADIF started operating on August 13, 2007.

The official exchange rate is 0,7843 AZN/USD on July 26.

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