BAKU, Azerbaijan, Aug.7
By Zeyni Jafarov – Trend:
The Azerbaijan Deposit Insurance Fund (ADIF) completed the first half of 2021 with a net profit, Trend reports referring to ADIF’s statement.
According to the fund, the net profit amounted to 49 million manat ($28.8 million).
Besides, ADIF repaid early borrowed funds in the amount of one million manat ($590,000), attracted from the Central Bank over the past 10 months.
During the reporting period, an increase was recorded in the income received by the fund from banks in the process of their liquidation, in exchange for compensation payments, which increases its financial stability.
As reported, from 2020 to date, ADIF has paid compensation in the amount of 655 million manat ($385.3 million), making up 97 percent of the total amount of 676 million manat ($397.6 million) to depositors of the liquidated banks.
"The fund is currently operating with profit and, in accordance with the law, can attract borrowed funds from relevant institutions in case of liquidity problems. ADIF currently owns government bills worth 460 million manat ($270.6 million)," added the statement.
(1 USD = 1.7 AZN on Aug.7)
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