Deposits in Azerbaijani banks grew by almost a third for a year

Business Materials 9 May 2012 09:07 (UTC +04:00)

Azerbaijan, Baku, May 9 / corr. Trend A.Akhundov /

On March 1, 2012 the total amount of bank deposits and deposits of legal entities and individuals in Azerbaijani banks amounted to 6859.8 million manat, said the report of Central Bank of Azerbaijan (CBA).

Including non-resident and government deposits, this figure amounted to 9507.0 million manat, which is 30 percent more than in January-February 2011 (7315 million manat) and by 0.63 percent compared with the beginning of 2012.

Deposits in national currency - manat on March 1 totaled 4.2106 billion manat, of which 1,570,100,000 manats are demand deposits, 2.6405 billion manat - term deposits. In turn, deposits in foreign currency were equal to 5.2965 billion manat (AZN 1,696,300,000, and 3,600,200,000 manats, respectively).

As of March 1, 2012 the volume of individual deposits in banks in Azerbaijan amounted to 4330.6 million manat, which is 37.8 percent higher compared with the data on the same date in 2011 (3142.9 million manat) and by 5.1 percent at the beginning of 2012 (4119.8 million manat).

According to the CBA, 2421.4 million manat (55.9 percent) were placed in the national currency - manat 1909.2 million manat - in foreign currency. Consequently, the continuing trend of the prevalence of cash deposits in banks in Azerbaijan's national currency on cash deposits in foreign currency. Last year a similar situation in December, November and August.

For comparison, at the end 2011 2281.6 million manat (55.4 percent) were placed in the national currency - manat 1838.1 million manat - in foreign currency.

Deposits of the population, attracted by the banking system of Azerbaijan regions (areas of the country, except for the Baku), as of March 1, 2012 amounted to 356.7 million manat, or 8.26 percent of total bank deposits.

In Baku, the volume of deposits amounted to 3973.0 million manat, while the deposits in national currency had to 2152.6 million manat; in foreign currency - 1820.5 million manats.

The average interest rate for the country during the reporting period amounted to 8.8 percent, for Baku - 8.9 percent.

The amount of deposits on Absheron economic region amounted to 112.6 million manat, with an average rate of 9.4 percent, Aran - 58.3 million manat at 5.0 percent, the Mountain-Shirvan - 7.9 million manat at 6.5 percent, Ganja -Gazakh - 67.1 million manat at 7.4 percent, Guba-Khachmaz - 24.56 million manat at 7.4 percent, Lankaran - 30.1 million manat at 6.4 percent, Sheki-Zagatala - 22.6 million AZN at 5.8 percent, the Upper Karabakh - 9.2 million manat at 3.6 percent, Kelbajar-Lachin - 2.1 million manat at 4.9 percent, Nakhchivan - 22.8 million manat at 2.4 percent.

In January and February of 2012 the volume of corporate deposits amounted to 2.5292 billion manat, of which 667.3 million manat funds invested in the national currency, AZN 1,861,900,000 - in foreign currency.

Compared with data for January-February 2011 (2105.2 million manat) the volume of corporate deposits in January-February 2012 grew by 20.14 percent, and from the beginning of the year by 0.38 percent (2.5195 billion manat) .

The official exchange rate on May 9 is 0,786 AZN / USD.