Azerbaijani population prefers to hold savings in national currency
Azerbaijan, Baku, May 14 / Trend /
In the first quarter of 2013, the depositary base of Azerbaijani banks increased by 2.93 per cent, while year-on-year by 12.41 per cent, the published statistical report of the Central Bank of Azerbaijan (CBA) says.
According to the CBA, in the first quarter of 2013, the total volume of bank deposits and deposits of legal entities and individuals amounted to 11.012 billion manat compared to 9.796 billion manat in January-March 2012.
Of this amount, 5.363 billion manat fell to cash in manat, of which 2.104 billion manat are demand deposit and, 3.259 billion manat - term deposits. The funds in foreign currency amounted to 5.649 billion manat (1.819 billion manat and 3.830 billion manat respectively).
Compared to the same period of 2012, retail deposits in the first quarter of 2013 increased by 28.77 per cent, while the volume of corporate deposits decreased by 0.38 per cent.
In the first quarter of 2013, the volume of household deposits in banks amounted to 5.536 billion manat compared to 4.298 billion manat in the same period of 2012.
According to the CBA, 3.259 billion (58.88 per cent) was deposited by the population in the national currency - manat and 2.276 billion manat - in foreign currency. It should be noted that the volume of deposits in the national currency exceeded the volume of deposits in foreign currency in 2013. As a comparison, in the first quarter of 2012, 2.395 billion (55.7 per cent) of the population's deposits were placed in the national currency - manat, while 1.903 billion manat were in foreign currency.
In the first quarter of 2013, the volume of deposits of financial institutions amounted to 2.605 billion manat compared to 2.539 billion manat in the first quarter of 2012. In turn, the volume of deposits of non-financial institutions amounted to 2.871 billion manat compared to 2.957 billion manat in the first quarter of 2012. Total deposits of legal entities made 5.476 billion manat compared to 5.497 billion manat in the first quarter of 2012.
There are 43 banks operating in Azerbaijan, of which 42 are members of the Azerbaijan Deposit Insurance Fund.
The official exchange rate on May 14 is 0.7846 AZN / USD.