German company becomes managers of resources of Azerbaijan Deposit Insurance Fund
Azerbaijan, Baku, August 23 /Trend, N.Ismayilova/
Deutsche Invest (a subsidiary of Deutsche Bank) has become the foreign broker company for management of funds of Azerbaijan Deposit Insurance Fund (ADIF), ADIF executive director Azad Javadov said on August 23.
"Now, together with Deutsche Invest, preparatory work is implemented to place the Fund's assets, and according to our expectations, the Fund will allocate its assets abroad already in September," said Javadov.
Today, partly the Fund's resources (11 million manat) have been placed in government short-term bonds (10 million manat) and mortgage bonds (1,000,000 manat).
After receiving five million euros loan from the KfW for the capitalization of ADIF, the Fund's assets have increased to 24 million manat, and therefore, the Fund has involved a broker company to transfer the funds to short-term management of foreign banks.
Under the Fund's investment policy, the resources can be placed in the high-rating securities of foreign banks and financial institutions with a rating of "AAA".
Today, the Fund brings together 43 banks out of 47 banks operating in the country. ADIF started its activities on August 13, 2007. Total deposits in ADIF member banks in the second quarter amounted to 2,483 billion manat, of which uninsured deposits total 818 million manat, and insured - 1,665 billion manat.
Official rate on August 23 is 0.8038 AZN/USD.