Azerbaijani Public Keeps Most of its Savings in National Currency
Azerbaijan, Baku, October 8/Trend, E.Aliyev/
As of Jan.-August 2013, the depositary base of Azerbaijani banks increased by 8.99 per cent and by 18.05 per cent per annum, the Azerbaijani Central Bank's (CBA) statistic report said.
According to the CBA, as of September 1, the total amount of bank deposits and deposits of physical and legal entities totaled 11.661.5 billion manat compared to 9.878.3 billion manat in the same period of 2012.
Around 6.016.8 billion manat fell to cash in manats, of which 2.286.7 billion manat - demand deposits, 3.730.1 billion manat - term deposits. The funds in foreign currency amounted to 5.644.7 billion manat (1.862.3 billion manat and 3.782.4 billion manat, respectively).
Compared to the same period of 2012, deposits of physical entities increased by 36.33 per cent, while the volume of legal entities' deposits slightly increased by 7.28 per cent.
As of Jan.-August 2013, the volume of physical entities' deposits in the banks amounted 6.090.4 billion manat compared to 4.462.6 billion manat in the same period of 2012.
According to the Central Bank, around 3.686.2 billion (60.52 per cent) of the population's funds were placed in the national currency - manat, while 2.404.1 billion manat - in freely convertible currency.
The Azerbaijani population's deposits in the national currency in the banks prevailed those in foreign currency in 2013. For comparison, around 2.531.3 billion manat (56.27 per cent) of the population's funds were placed in the national currency - manat, while 1.931.3 billion manat - in freely convertible currency in the first eight months of 2012.
Some 42 of 43 operating banks are members of Azerbaijan Deposit Insurance Fund
Official exchange rate on October 8 is 0.7844 AZN/USD.