Baku, Azerbaijan, June 13
By Anvar Mammadov - Trend:
Some 91.5 percent (7.14 million depositors) out of 7.8 million depositors served by member banks of the Azerbaijan Deposit Insurance Fund (ADIF) were insured in the first quarter of 2016, Head of the fund Azad Javadov told Trend.
He said that the total amount of deposits of physical entities in Azerbaijani banks as of April 1, 2016 was 8.2 billion manats, and the amount of insured deposits - 6.2 billion manats.
"Compared with the first quarter of 2015, deposit portfolio during the reporting period grew by almost 700 million manats (9.3 percent), and the amount of insured deposits - by 52.7 percent," Javadov said. "The volume of compensated deposits amounted to little more than two billion manats, which is more than 25 percent of the total volume of deposits."
He added that 81 percent of the insured deposits were placed in US dollars, 16 percent - in manats, three percent - in euros.
"As of Jan.-March 2016, incomes of the ADIF amounted to 18 million manats, some 7.8 million manats of which fell on the contributions made by member banks of the fund," Javadov said.
At the end of the first quarter of 2016, all the 37 banks operating in Azerbaijan were the members of ADIF.
ADIF started operating on August 13, 2007.