Azerbaijan Deposit Insurance Fund’s total assets stand at about $90 million

Business Materials 29 November 2013 20:46 (UTC +04:00)

Baku, Azerbaijan, Nov. 29

By Abbas Akhundov - Trend:

Total assets of Azerbaijan Deposit Insurance Fund (ADIF) stand at a level of 70 million manats (approx. $89 million), ADIF head Azad Javadov told Trend on Nov. 29.

About 60 million manats from the fund's manat resources were placed in government securities. Some five million euros were passed to the control of Deutsche Asset & Wealth Management International. The deposits placed in ADIF member banks at an annual interest rate of over 10 per cent are not insured by the fund and no compensation is provided for them.

Currently, the maximum level of insurance coverage for the deposit is 30,000 manats. The depositors do not make any insurance payments for their deposits; insurance payments are made only by the banks themselves. ADIF began operations on August 13, 2007.

Official exchange rate for November 29 is 0.7844 AZN/USD.