Most insurance reserves of Azerbaijan Deposit Insurance Fund (ADIF) is placed in government securities.
According to the Fund, since the start of the year the total volume has grown by 5 million manat (6.7 % as of 1 January). By April 1, about 75 million of the total 80 million manat was concentrated in the securities of the Central Bank and Ministry of Finance.
Almost all 5 million of the remaining fund is managed by the German company Deutsche Asset Management International, while the rest is in other assets.
Members of the Deposit Insurance Fund are 42 banks.
The Fund was established in 2006. The main goal is to guarantee the repayment of bank savings to depositors in case of bank bankruptcy and liquidation of their license to accept deposits.
The Fund fully covers deposits amounting to 30,000 manats. The maximum insured annual rate is 9%. -17D-
Economics
-
The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
-
The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
-
Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
-
Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
Leave a review