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DIFâ€™s free resources make 5%-annual revenue for Fund

29 April 2013 15:18 (UTC +04:00)

Baku. Ali Ahmadov – APA-Economics. In January-March, individuals deposits in Azerbaijan-based banks rose 9.1% to AZN 5.213 mln and made 63% of total deposits (excluding financial sector), up 2 percentage points from a year earlier, said the Deposit Insurance Fund.

According to the Fund, 34% (AZN 1.76 bln) of individuals’ deposits (AZ 5.2 bln) were uninsured deposits, 66% (AZn 3.5 bln) – insured deposits. Compensated deposits rose AZN 73.2 mln to AZN 1.612 bln and made 44.6% of insured deposits. 58% of insured deposits are in manat, 38% - in USD and 4% - Euro.

For the present, the DIF has 42 member-banks. Member banks provide services to 4,801,574 depositors, which 4,562,048 of them are insured depositors. Fund’s insurance reserves make AZN 51.3 mln, total assets – AZN 59.7 mln.

The free resources of the Fund are managed under its investment policy. The funds in manat were placed in governent securities in amount of AZN 28.5 mln and average annual profitablity was 4.6%. Fund’s € 5.0 mln is managed through Deutsche Asset & Wealth Management International.