Total deposits in Azerbaijan Deposit Insurance Fund exceeds 1.7bn manat

Business Materials 5 June 2009 16:54 (UTC +04:00)

Azerbaijan, Baku, June 5 / Trend , N.Ismaylova /

In the first quarter of 2009, total deposits of physical entities in the member banks of Azerbaijan Deposit Insurance Fund (ADIF) amounted to 1.75 billion manat, the Fund said.

Of them, insured deposits amounted to 1097.698 million manat, uninsured deposits - 126,484 manat, and 522,680 manat fall on uninsured deposits of physical entities.

Thus, 63 percent of total deposits in the country were insured and 37 percent - are uninsured.
Total deposits of physical entities in ADIF member banks over three months rose 36,605 manat or two percent, and insured deposits reduced 275,771 manat or 20 percent.

The Fund projected increases in insured deposits due to amendments to the Law on Deposit Insurance. "Upon the amendments, the maximum amount of compensation on insured deposits is 30,000 manat, which is the maximum amount in the CIS. For comparison, the amount of compensation in Kazakhstan is $33,000, in Russia - $25,000.

ADIF started its activity on August 13, 2008, and today brings together 42 member banks in Azerbaijan.

Official rate on June 5 is 0.8036 AZN/USD. 

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