Over 60% of physical entities' deposits insured in Azerbaijani banks
As of the first quarter of 2013, 66 percent (3.5 billion manat) have been insured, 34 percent (1.76 billion manat) - uninsured of the total volume of physical entities' deposits (5.2 billion manat) in the member-banks of Azerbaijan Deposit Insurance Fund (ADIF), ADIF said on Monday.
Some 42 of 43 operating banks in Azerbaijan are members of the fund.
The total amount of physical entities' deposits increased by 9.1 percent (434 million manat), accounting for 63 percent of the total volume of all deposits compared to 61 percent in the last quarter.
The member-banks serve 4.801.574 million depositors, 95 percent of them are the insured depositors.
Some 58 percent of insured deposits have been placed in manat, 38 percent - in US dollars and 4 percent - in euro.
The fund's insurance reserves hit 51.3 million manat, total assets - 59.7 million manat.
The deposits placed in ADIF member-banks at an annual interest rate of over 12 percent, are not insured by the fund. The compensation is not ensured.
The official exchange rate is 0,7846 AZN/USD on April 29.