Cashless money supply in Azerbaijan grows over 11 percent in Jan.-March

Business Materials 20 May 2013 20:13 (UTC +04:00)

Azerbaijan, Baku, 20 May / Trend A.Akhundov /

In January-March 2013, cashless money supply in Azerbaijan grew by 11.1 percent as a result of the measures to promote cashless payments, a report of the Central Bank on monetary policy in the first quarter published on its official website on Monday says.

"In the first quarter of 2013, the growth of the money supply met the demands of the economy, and expanded money supply in manat grew by 0.2 percent," according to the report.

The monetary base during the reporting period declined by 3.6 percent to 10.1 billion manat.
As of April 1, 2013, expanded money supply (M3) rose by 0.5 percent and by 17.8 percent compared to the same period last year, reaching 16.86 billion manat. Expanded money supply in manat (M2) increased by 0.23 percent to 13.84 billion manat by the beginning of the year.

The official exchange rate on May 20 is 0.7847 AZN / USD.