MONETARY-CREDIT SECTOR

Major tendencies in different segments of monetary-credit system in October:

• The rate of manat in regard to world leading currency - US dollar started droping in the currency market.

• In October money mass in expanded implication (M2) reduced

• In October the Azerbaijani banks increased crediting in economy

• In October Deposit base of the Azerbaijani banks grew,

• Trading sessions on placement of T-bills were held in the stock market. The NBA continued the placement of short-term notes in the Baku Stock Exchange.

Currency market and rate of AZM

In October exchange of AZM rate dropped 4 manats and dropped from 4593 manats to 4697 in regard to USD.

In October the exchange rate of euro dropped by 56,03 manats (5484.96 manats per euro to 5540.99 manats per euro).

Amount of currency trading sessions at BBVB in October 2005


Amount, in mln USD

Rise,

In October 2005

In total, (BEST)

$90,372

+ 2.8 times



As of totals of trading sessions in the currency section the Baku Interbank Currency exchange defined 5 leader banks in October 2005.

Without consideration of the National Bank of Azerbaijan (NBA), the share of the IBA was 35.24% of the monthly currency turnover. Along with the IBA, the leading five included Bank Standard (22.16%), Kapital Bank (16.93%), TexnikaBank (8.85%) and Azerigazbank (6.92%).

In September the leader-banks of the currency exchange market were the International Bank of Azerbaijan (33.08%), Rabitabank stock-investment bank (27.29%), Bank Standard stock-commercial bank (5.51%), Bank of Baku stock-commercial bank (3.61%), and Azerigasbank stock-investment bank (3%).

They concluded 136 deals at 40 trading sessions with the total amount of 415,155bn manats or $90,372m, or 16.92% down as compared to September 2005 and 2.4% up as compared to turnover fixed in October 2004.

In January to October 2005 the turnover of the currency section comprised $651.59m. The exchange rate of the national currency dropped 0.15% or 7.09 manats - from 4589.91 to 4597 manats per USD. As a result the average sustained rates of Azerbaijani manats in regard to the US dollar made up 4593.84 manats per 1 USD in October, whereas in September it was 4588.01.

BANKS

Amount of the total, РІ %

International Bank of Azerbaijan

35,24

Standardbank

22,16

KapitalBank

16,93

Technikabank

8,85

Azerigasbank

6,92

The data do not include deals by the NBA

Money market

In October monthly pace of money mass rose 5.5%, while in 2005 a cut made up 15%. As of 1 November 2005 money mass (M2) made up 3963.9bn manats, against 4193.7bn manats of 1 October and 3418bn manats as of 1 January 2005.

In October the amount of cash money (Рњ0) dropped 6.3%, while in 2005 a drop made up 18.3%. As of 1 November M0 turned out at 2826.4bn manats against 3016.4bn manats fixed as of 1 October and 2389bn manats fixed as of 1 January 2005.

In October the amount of non-cash money grew 3.38%, drop in 2005 was equal to 10.53%. As of 1 November non-cash funds grew to 1137.5bn manats against 1177.3bn manats fixed as of 1 October and 1029bn manats fixed as of 1 January 2005.

Parameters of monetary market, in bn AZM

Amount, 01.11.05

Money mass in extensive understating (Рњ3)

9307

Money mass on AZM (Рњ2)

3963,9

Cash in AZM

2826,4

Non-cash money in AZM

1137,5

In October net international reserves (NIR) of the National Bank of Azerbaijan (NBA) dropped 3%, while since he beginning of the year it has grow 16.58%. As of 1 November 2005 the NIR has amounted to 5596.1bn manats against 5710.5bn manats as of 1 October and 4800.2bn manats as of 1 January 2005.

The net internal assets (NIA) comprised 3710.9bn manats against 3637.8bn manats as of 1 September and 2715.1bn manats as of 1 January 2005. On 1 November the expanded money mass (M3) was fixed at 9307bn manats against 9348.3bn manats as of 1 October and 7515.2bn manats as 1 January 2005.

Under the PRGF the government and the IMF accorded the minimal level of NIR of the NBA: on 31 September 2005 - 5,332trln manats, on 31 December 2005 - 5,663trln manats, on 1 November 2005 - $1214,959trln manats.

The forecast expanded money mass (M3) was accepted as follows: on 31 September 2005 - 2,462trln manats, on 31 December 2005 - 2,738trln manats.

Credit market

In October the Azerbaijani banks increased crediting economy by 5.34%, while it grew 32.55% in 2005.

As of 1 November 6557.982bn manats of total credits (including 2584,917bn manats un national currency and 3973,065bn manats) were allocated against 6225.692bn manats as of 1 October and 4947,302bn as of 1 January 2005. Overdue credits and loans comprised 336,758bn manats as of 1 November against 315,977bn manats as of 1 October and 275,271bn manats as of 1 January 2005. The statistics of overdue credits does not include the similar loans allotted by non-bank credit organization Agrarkredit.

The short-term credits comprised 4128.4bn manats (including 239.5bn manats of overdue loans) against 3897.5bn manats (including 208.7bn manats of overdue loan) as of 1 October and 3503.9bn manats (208.7bn manats) as of 1 January 2005. The long-term credits constituted 2429.6bn manats (97.3bn manats) against 2328.2bn manats (81.3bn manats) as of 1 October and 1443.4bn manats (66.6bn manats) as of 1 January 2005.

As of 1 November two public banks allocated credits for 3276.664bn manats (+9.77% in October and +44.65% in 2005), private banks вЂ" 3083,224bn manats (+1.55% in October and +36.55% for 2005). As of 1 November credit portfolio of banks with foreign capital made up 1243.4bn manats (+2.49% and +62.98% respectively), including 118.6bn manats loaned by foreign banks (+7.46% and +13.7% respectively).

As of 1 November average annual rate of banking crediting the economy comprised 15.57% in national currency against 15.66% as of 1 October and 15.55% as of 1 January 2005. With consideration of inflation rate of 2.8% in January to October, real rate was equal to 12.77%. The average annual rate on banking crediting the economy made up 17.28% in foreign currency against 17.53% as of 1 October and 18.96% as of 1 January 2005.

As of 1 November the average annual rate of banking crediting of legal entities made up 15.08% in national currency against 14.96% as of 1 Ocober and 16.06% as of 1 January 2005, while real rates вЂ" 11.28%. The average annual rate of banking credit of legal entities constituted 15.65% in foreign currency against 15.83% as of 1 October and 17.12% as of 1 January 2005.

As of 1 November average annual rate on banking crediting of physical entities comprised 17.03% in national currency against 17.56% as of 1 October and 14.22% as of 1 January 2005, while real вЂ" 14.23%. Average annual rate of banking crediting of physical entities made up 21.22% in foreign currency against 20.98% as 1 October and 22.89% as of 1 January 2005.

Banking sector

In October deposit base of Azerbaijani banks grew 2.35% due to fall in deposits of legal entities, while since the beginning of the year it grew 26.4%.

As of 1 November the total amount of bank deposits and savings of legal and physical entities made up 6480.5bn manats against 6331.9bn manats as of 1 October against 5126.3bn manats as of 1 January 2005. 1137.4bn manats of the total sum fell on manat reserves, while 5343.1bn manats on hard currency. In September growth of deposits in manat made up 3.4% while currency deposits fell 3.65%.

As of totals of October 2005 average statutory capital of the Azerbaijani bank dropped from 27.13bn manats to 27.3bn manats against 23.9bn manats as of beginning of the year and normative requirement for $3.5m as of aggravate capital of the bank, the National Bank of Azerbaijan announced. In October the net of branches of the banks did not grow.

As of 1 November 43 banks had had 376 branches against 350 branches of 44 banks as of 1 October against 350 branches (44 banks) as of 1 January 2005.

In October the statutory capital of banks dropped from 1166.52bn manats to 1173.9bn manats, or 0.63%, while this year the statutory capital comprised only 11.69%. The capital of 41 commercial banks grew in October from 1033.9bn manats to 1033.9bn manats. The capital of two state banks was maintained at the level of 140bn manats. As of 1 November 2005, 28.63bn manats of statutory capital falls per bank in average.

The total capital of 17 banks with foreign participation grew in September from 473.2bn manats to 476.4bn manats and their share in entire statutory capital comprised 40.59%, while net foreign investments (229.3bn manats) comprised only 19.53% of the total sum.

Stock market

In October the Ministry of Finances held two auctions on placement of T-bills. The auction with issue of 40bn manats resulted in the placement of 14.2bn manats (35.3% of the issue). Average sustained profitability rate of the auction comprised 12.44%, or lower than the annual inflation ratio which comprised 7.1%.

4 deals were concluded in the secondary market of T-bills in the amount of 8.74bn manats and the average sustained prices comprising 97.82% of the nominal.

In October the National Bank of Azerbaijan (NBA) held 4 auctions on placement of short-term notes. The emitter succeeded to place only 125.3bn manats (73.7% of the issue) of the total (170bn manats). The low interests on the notes are explained with their low profitability rate, which does not cover the annual inflation ratio. The average sustained profitability rate on the results of three September auctions comprised 12.10% per annum.

4 deals were concluded in the secondary market of short-term T-bills in the amount of 5.6bn manats and the average sustained prices comprising 99.72% of the nominal.

No deal was fixed in the corporate shares and bills market in October.

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