BAKU, Azerbaijan, February 7. The Azerbaijan Deposit Insurance Foundation has made compensation payments exceeding 1.7 billion manat ($1 billion) in connection with 19 banks from its establishment until January 1, 2025, Trend reports via the fund.
Over the past four years, compensation payments totaling 897.58 million manat ($529 million) were made to 35,020 insured depositors of six banks.
Established in 2007, this organization is tasked with mitigating the risk of deposit loss for individuals in cases of insolvency among banks or foreign bank branches, thereby ensuring the stability and growth of the financial and banking system in the Republic of Azerbaijan.The primary functions of the Foundation involve the collection of insurance premiums from banking institutions, safeguarding the liquidity of the fund's cash reserves, and, in certain instances, disbursing insurance payouts to depositors.