Over 97 percent of deposits insured in Azerbaijan
Azerbaijan, Baku, August 13 / Trend N. Ismayilova /
Total deposits of physical entities in member-banks of the Azerbaijan Deposit Insurance Fund (ADIF) in the second quarter amounted to 2,483 billion manat. Uninsured deposits hit 818 million manat, and insured - 1,665 billion manat, the Foundation Executive Director Azad Javadov said.
"The total number of depositors according to the reporting period was 5, 417 million people, among which the number of insured depositors reached 5,277 million people," he said.
He said that today 97 percent of deposits are insured, despite the fact that a high standard ratio is over 80 percent. According to the corresponding period of 2007, the total volume of deposits amounted to 1,203 billion manat, and the total number of depositors 1,015 million.
"Total deposits increased by four percent for the second quarter, but 33 percent compared to the same period last year," he said.
He said that the calendar payments in the first quarter by 43 member-banks fund amounted to 2.82 million manat, of which 41.6 percent fall to manat, 50.2 percent - dollars and 8.2 percent - euro.
"In 2007, the distribution of the calendar currency was different, 38.9 percent - in manat, 55.2 percent - dollar, 5.9 percent - euro, and the results of last quarter - 36 percent - in manat, 55 percent - dollar, 9 percent - euro. It shows an increase of mass fraction of payments in manat and decline - in dollars, " he said.
Insurance reserves of the fund amounted to 27,3 million manat in the second quarter.
"Since last year the amount of insurance reserve fund increased by 21 percent," he said.
The Fund began operations Aug. 13, 2007. Today it has 43 members.
On August 13, the official exchange rate is 0.8037 manat to $1.