Compulsory Insurance Bureau to revise its investment policy

Baku. 21 October. REPORT.AZ/ The Compulsory Insurance Bureau (CIB) in Azerbaijan will revise its investment policy in regard with the situation in the banking sector of Azerbaijan.

Report informs, CIB Executive Director Elkhan Guliyev said at today's press conference.

According to him, the organization, currently led by him owns 33.268 mln AZN of insurance reserves and approximately 80% of this amount placed in the domestic market, mainly in Azerbaijani banks. Current situation necessitates more attentive approach towards bank selection and revise distribution of the investment portfolio.

E.Guliyev note that currently, the CIB investment portfolio was placed in US-dollars, Euros and Azerbaijani manats as well as in in securities in the mentioned 3 currencies: "Dollar's share makes 38%, Euros 30%, manats 32%. Only 5 mln Euro investment was carried out under request regarding switching Green Card system. We expect increase of the investment portfolio to 34 mln AZN by the year-end"ş