Baku to host international seminar on deposit insurance

Baku will host a seminar on the role of deposit insurance in stabilizing the financial system in Azerbaijan in the coming weeks. The event will be held by the Eurasian Regional Committee (EARC) under the International Association of Deposit Insurers (IADI), Azerbaijani Deposit Insurance Fund (ADIF) Executive Director Azad Javadov said.

The seminar is organized by ADIF. The two-day seminar will be held in Baku from Nov. 29 to Nov. 30. It will be attended by employees of the deposit insurance funds of Azerbaijan, Russia, Kazakhstan, Ukraine, Kyrgyzstan and Uzbekistan.

"These seminars are held annually in different member countries," he said. "The seminar will feature five presentations, covering issues such as the development of deposit insurance systems in times of crisis, the organization of deposit insurance, payment guarantees and public awareness."

ADIF began operating on Aug. 13, 2007 and today has 43 members among the 47 banks in the country. The aggregate deposits of individuals in ADIF member banks amounted to 2.707 billion manat in the third quarter, of which 929.96 million manat fell to the uninsured and 1.777 billion manat to the insured. The number of insured depositors amounted to over 5 million people.


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