Azerbaijan, Baku, Oct. 29 /Trend E. Aliyev/
Some 66 per cent (3.87 billion manats) out of the total volume of individuals' deposits (5.8 billion manats) in the member banks of Azerbaijan Deposit Insurance Fund (ADIF) are insured, ADIF's message said on Tuesday.
According to the message, the remaining 34 per cent (1.97 billion manats) out of the total volume of individuals' deposits in ADIF's member banks are uninsured.
Some 42 of the 43 banks operating in Azerbaijan are the ADIF's members, the message said.
The total amount of the individuals' deposits increased by 3.8 per cent (213 million manats) and amounted to 5.831 billion manats.
ADIF's member banks serve 5,306,497 depositors, some 93 per cent (4,899,375 people) of which are the insured depositors.
The volume of compensatory deposits increased to 91 million manats - up to 1.904 billion manats compared to the previous quarter. This makes up 47.5 per cent of insured deposits.
Some 59 per cent of insured deposits were placed in manats, 37 per cent - in the U.S. dollars and four per cent - in euros.
ADIF's insurance reserves currently amount to 64.7 million manats, total assets to 66.9 million manats.
"Management of the ADIF's free assets is held in accordance with its investment policy," the message said.
Some 58 million manats were placed in the government securities, and the annual yield on them amount on average to 4.4 per cent. The management of five million euros was transferred to the Deutsche Asset & Wealth Management International company.
Deposits placed in ADIF's member banks, at an annual interest rate of over 10 per cent are not insured by the Fund and the payment of compensation is not provided for them.
Currently, the maximum level of insurance coverage for the deposit is 30,000 manats. The depositors do not make any payments for the insurance of their deposits; insurance payments are made only the banks themselves.
ADIF started operating on August 13, 2007.
The official exchange rate for Oct. 29 is 0.7845 AZN/USD.