Insured deposits of physical entities in Azerbaijani banks hit more than 60%

The aggregate deposits of physical entities in member-banks of the Azerbaijan Deposit Insurance Fund (ADIF) as a result of 2010 reached 2.912 billion manat. Uninsured deposits amounted to 1.051 million manat, with insured deposits reaching 1.861 billion manat.

The number of insured depositors amounted to 5.424 people during the reporting period. Calendar payments made during the fourth quarter of last year by 43 member banks amounted to 1.0 million manat, $ 1.361 million and 182,000 euro.

The fund's insurance reserves amounted to 32 million manat in 2010.

The deposits, placed in ADIF member banks with an annual interest rate exceeding 12 percent, have not been insured by the fund since June 1. The payment of compensations is not envisaged.

Presently, the maximal level of insurance coverage for the deposits is 30,000 manat. Investors do not make any payments to insure their deposits. Insurance payments are made only by banks. The official exchange rate is 0.7954 manat to $ 1 on Feb.12.


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