Non-cash money supply increases over 18 percent in Azerbaijan in 2013

Business Materials 20 February 2014 18:28

Baku, Azerbaijan, Feb.20
By Abbas Akhundov - Trend:

The non-cash money supply increased 18.4 percent in Azerbaijan in 2013. This is the result of the central bank's measures to bolster public confidence in the banking system, according to the Central Bank of Azerbaijan (CBA) report on monetary policy as of 2013.

"The growth in money supply met the requirements of the economy in 2013 and the expanded money supply in manat increased by 19 percent," according to the report.

The monetary base increased by 10.7 percent, reaching 11.6 billion manat in 2013. During the year, sharp volatility was observed in the dynamics of the monetary market.

As of January 1, 2014, the expanded money supply (M3) increased during the year by 15.4 percent to 19.36 billion manat.

The dollarization indices continued declining in 2013. The share of foreign currency deposits in a total volume of deposits decreased by 6.6 percentage points to 32.9 percent. The share of foreign currency deposits in M3 money supply fell by 2.6 percentage points to 15.1 percent. The deposits in foreign currency decreased 1.5 percent.

The official exchange rate is 0.7844 AZN/USD on Feb. 20.

Translated by NH
Edited by CN