Bank Of Baku

41% of personal savings in banks uninsured

41% of personal savings in banks uninsured
# 11 June 2014 14:28 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. Ion the first quarter of 2014, personal savings in the banks rose 16.6% to AZN 6.077 bln.

 

Deposit Insurance Fund told APA that individuals’ deposits made 67% of total savings, excluding financial sector.

 

Uninsured savings of the individuals made 41.3% or AZN 2.51 bln in the first quarter of 2014, while it was 34% or AZN 1.76 bln last year.

 

Compensated deposits rose AZN 335 mln to AZN 1.947 bln (54%) during he first quarter.

 

62% of insured are in manat, 34% in USD and 4% in Euro.

 

Member-banks are providing service to 5,862,322 depositors, which 5,346,340 (91%) are insured depositors.

 

Currently, DIF’s insurance reserves make AZN 79.7 mln. The funds in manat have been placed in AZN 63.7 mln-securities and average YTM makes 4.4%. Fund’s €5 mln is managed through Deutsche Asset & Wealth Management International.

 

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