Insurance reserves of Azerbaijan Deposit Insurance Fund increases 4.7 percent

Business Materials 27 October 2011 20:43 (UTC +04:00)

Azerbaijan, Baku, Oct. 27 /Trend, N.Ismayilova/

Aggregate deposits of physical entities in member banks of the Azerbaijan Deposit Insurance Fund (ADIF) in the third quarter amounted to 3.539 billion manat, rising by 4.7 percent for the third quarter, the Fund said on Thursday.

Of this amount, 2.125 billion manat accounts for insured deposits, and 1.414 billion manat - uninsured. The number of insured depositors during the reporting period amounted to 5.542 million people.

Calendar payments made for three quarters by 43 member banks to Fund amounted to 1.308 million manat, $1.453 million and $193,000 euros. Insurance reserves of the Fund for the third quarter increased by 6.2 percent to $39.3 million manat.

Currently, the maximum level of insurance coverage for the deposits is 30,000 manat. For the insurance of their deposits, depositors do not make any payments, insurance payments are made only to banks.

ADIF began operations on Aug. 13, 2007.

Today, 43 out of 44 banks operating in the country are members of the Fund. One bank is still working with a limited license, not having access to receive deposits due to non-compliance with requirements of the Central Bank.

Official exchange rate on Oct. 27 is 0.7869 AZN/USD