Why Would Azerbaijan (ADIF) Deposit Money in the U.S. Federal Reserve?

[WhiskeyGirl]

I found this odd story.

Why would The Supervisory Board of Azerbaijan Deposit Insurance Fund (ADIF) put money in the U.S. Federal Reserve?

Earlier, ADIF Executive Director Azad Javadov informed that the Fund placed $4.855 million in the US Federal Reserve System (FRS) overnight.

By early March the fund kept $2.8 million in the FRS overnight.

The overnight provides maximally possible warranties of the funds safety. Choice of this tool is connected in order to have a possibility to withdraw the funds anytime we need them if one of the member banks goes bankrupt.

Last year ADIF Supervisory Board postponed the Fund’s entry to the international financial market until it saves sufficient funds.

ADIF started its operating on August 13, 2007. Currently individuals’ deposits in the ADIF member banks totaled AZN 1.885 bn and insured deposits AZN 1.307 bn.

http://abc.az/eng/news_26_08_2009_37850.html

Is the U.S. taxpayer providing monetary guarantees to the Azerbaijan people?

What else is lurking on the books at the Federal Reserve?