Bank deposits are protected by 2.2%

Deposit Insurance Fund announced the results for 9 months of 2015, according to which the banks - members of the Foundation provide service for 7,304,127 depositors. At the same time, 91% of deposits are protected by the Fund. (up to 30,000 manats.) 71% of deposits - in dollars, 25% - in manat, and 4% - in euros.

 The Head of the Economic Research Center Gubad Ibadoglu on his Facebook page says that the Reserve Fund should be adequate to the risks of the banking sector.

So, over the first 9 months of this year, the growth of deposits protected by insurance, exceeded 2 billion manats and insurance reserves of the fund increased by only 17 million manats.

Thus, according to the October 1, the amount of protected deposits reached 5 billion 44 million. At the same time, insurance reserves account for only 109, 4 million manat, that is 2.2% of total assets, which are protected by insurance. However, it is noteworthy that the government and the Central Bank shall not be liable for the obligations of the Fund, said Ibadoglu.-03D