Insurance reserves of Azerbaijan Deposit Insurance Fund increase by over 8 percent

Azerbaijan, Baku, May 2 / Trend A.Akhundov / Total deposits of individuals in the member banks of the Azerbaijan Deposit Insurance Fund (ADIF) in the first quarter of 2012 totaled 4.246 billion manat, an increase of 12.84 percent, ADIF report said on Wednesday. Of this amount, 2.624 billion manat are insured deposits, and 1.622 billion manat - uninsured. The number of insured depositors, according to the reporting period amounted to 5.973 million people. Calendar payments made in the first quarter by 43 ADIF member banks amounted to 1.838 million manat, $ 1.584 million and 188,000 euros. The Fund's insurance reserves increased in the first quarter by 8.35 percent and amounted to 45.4 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. Currently, 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. ADIF began operations on August 13, 2007. Today, ADIF members are 43 banks from banks operating 44 in the country. One bank because of non-compliance with the Central Bank's requirements is still working with a limited license, not having access to receive deposits. The official exchange rate is 0.7862 AZN to $ 1 on May 2. Do you have any feedback? Contact our journalist at agency@trend.az