Azerbaijan, Germany exchange experience in insurance deposit field

Business Materials 24 June 2009 17:33 (UTC +04:00)

Azerbaijan, Baku, June 24 / Trend , N.Ismayilova/

The Association of Azerbaijan Credit Unions (AKIA) and German Cooperative and Raiffeisen Confederation (DGRV) intend to exchange their experience, AKIA President Elchin Bagirov said on June 24.

"In this connection AKIA delegation is expected to head for Germany to study DGRV's experience of insuring attracted deposits and activity of cooperative banks," Bagirov reported.

Bagirov said DGRV has included Azerbaijan, Kyrgyzstan and Russia into its experience exchange programme.

AKIA's aggregate loan portfolio amounts to 19 million manats at the moment. Of 80 credit unions in Azerbaijan, 50 are members of the association.

"At present the association is preparing to accept new member which are passing registration at the governmental bodies," Bagirov said.

He said the global financial crisis has not affected the activity of Azerbaijan's credit unions.

On June 24, the official exchange rate is 0.804 manat to $1.

Do you have any feedback? Contact our journalist at: [email protected]