ADIF to transfer half of assets to foreign investor
Azerbaijan, Baku, Nov. 29 / Trend N. Ismayilova /
The transfer of the Azerbaijani Deposit Insurance Fund's (ADIF) individual deposits to Deutsche Invest is in the final stage, ADIF Executive Director Azad Javadov said.
Deutsche Invest is a subsidiary of the Deutsche Bank.
"The last stage involves signing the contract," he said. "Afterward, the funds will be transferred. The accounts have already been opened."
Javadov added that the fund intends to transfer $10 million and $5 million euro.
At present, the fund's aggregate assets exceed 29.9 million manat.
According to ADIF's investment policy, its funds may be placed in the high-rating securities of foreign banks and financial institutions with an "AAA" rating.
The ADIF began operating on Aug. 13, 2007 and today has 43 members among the 47 banks in the country. The aggregate individual deposits in ADIF member banks amounted to 2.707 billion manat in the third quarter of this year; 929.96 million manat fell to uninsured and 1.777 billion manat to insured deposits. The number of insured depositors was over 5 million people.
The official exchange rate is 0.8001 manat to $1.