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Insurance reserves of Azerbaijan Deposit Insurance Fund increase by almost 7 percent

Business Materials 20 August 2012 15:20
Total deposits of physical entities in member banks of the Azerbaijan Deposit Insurance Fund (ADIF) in the first-half of 2012 totaled 4.319 billion manat, increasing by 1.72 percent during the second quarter, ADIF said on Monday.
Insurance reserves of Azerbaijan Deposit Insurance Fund increase by almost 7 percent

Azerbaijan, Baku, Aug. 20 / Trend A.Akhundov /

Total deposits of physical entities in member banks of the Azerbaijan Deposit Insurance Fund (ADIF) in the first-half of 2012 totaled 4.319 billion manat, increasing by 1.72 percent during the second quarter, ADIF said on Monday.

Of this amount, 2.776 billion manat are insured deposits. The number of insured depositors, according to the reporting period amounted to 6.125 million people.

Calendar payments made in the second quarter by 43 ADIF member banks amounted to 1.871 million manat, $1.641 million and 177,000 euros.

The Fund's insurance reserves increased in the second quarter by 6.39 percent and amounted to 48.3 million manat.

From June 1, 2010 deposits in ADIF member banks at an annual interest rate of over 12 percent, are not insured by the fund and the compensation is not provided for them.

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

The official exchange rate is 0.7854 AZN to $1 on Aug.20.

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