ADIF to transfer funds to foreign manager
Azerbaijan, Baku, Dec. 21 / Trend N.Ismayilova /
The finds of the Azerbaijani Deposit Insurance Fund (ADIF) will be transferred to a subsidiary of Deutsche bank - Deutsche Invest by late 2010.
"At present, the Fund is negotiating a deal with the German development bank KfW. After obtaining the approval, the contract will be signed with Deutsche Invest," Javadov said.
At present, the joint assets of the fund exceed 29.9 million manat.
According to the investment policy of the Fund, its funds may be placed in high-rating securities of foreign banks and financial institutions with a rating of "AAA."
The ADIF began operating on Aug. 13, 2007 and today has 43 members among the 45 banks in the country. The total volume of physical entities' deposits in ADIF member banks amounted to 2,707 billion manat in the third quarter of this year; 929,96 billion manat fell to uninsured and 1,777 billion manat to insured deposits. The number of insured depositors was 5 293 303 people.
The official exchange rate is 0.7987 manat to $1.