Azerbaijani banks’ deposit base increases by 18 per cent per year

Baku, Azerbaijan, Dec. 12

By Emin Aliyev - Trend:

As of January-October 2013, the depositary base of Azerbaijani banks increased by 12.5 per cent and by 18 per cent per annum, the Azerbaijani Central Bank's (CBA) statistics report said today.

According to the CBA, as of November 1, the total amount of bank deposits and deposits of physical and legal entities totaled 12.042.3 billion manat compared to 11.929.4 billion manat in the same period of 2012 and 10.699.2 billion manat as of early 2013.

Around 6.130.1 billion manat fell to cash in manat, of which 2.199.0 billion manat - demand deposits, 3.931.1 billion manat - term deposits. The funds in foreign currency amounted to 5.912.1 billion manat (1.628.2 billion manat and 4.283.9 billion manat, respectively).

Compared to the same period of 2012, deposits of physical entities increased by 34.4 per cent, while the volume of legal entities' deposits slightly increased by 4.09 per cent.

As of Jan.-Oct. 2013, the volume of physical entities' deposits in the banks amounted 6.303.4 billion manat compared to 4.689.7 billion manat in the same period of 2012.

According to the Central Bank, around 3.865.8 billion (61.3 per cent) of the population's funds were placed in the national currency - manat, while 2.437.5 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 2.704.3 billion manat (57.6 per cent) of the population's funds were placed in the national currency - manat, while 1.985.4 billion manat - in freely convertible currency in the first ten months of 2012.

As of January-October 2013, the volume of deposits of financial institutions amounted 3.067.8 billion manat compared to 2.732.5 billion manat in the same period of 2012.

The volume of deposits of non-financial institutions totaled 2.671 billion manat compared to 2.780.3 billion manat in the same period of 2012.

The total deposits of legal entities totaled 5.738.8 billion manat compared to 5.512.8 billion manat in the same period of 2012.

Around 43 banks are operating in Azerbaijan, 42 of which are members of the Azerbaijan Deposit Insurance Fund.

The official exchange rate is 0.7843 AZN/USD on Dec. 12.

Translated by NH

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