Azerbaijani banks' depositary base increases by almost 23 percent in January
Baku, Azerbaijan, March 11
By Emin Aliyev - Trend:
As of January 2014, the depositary base of Azerbaijani banks increased by 22.45 percent, the Azerbaijani Central Bank's (CBA) statistics report said.
As of February 1, 2014, the total amount of bank deposits and deposits of physical and legal entities totalled 12.683 billion manat, compared to 10.357.6 billion manat as of early February 2013, according to the CBA.
Around 6.501.6 billion manat fell to cash in manats, of which 2.406.3 billion manat were demand deposits and 4.095.3 billion manat - term deposits. The funds in foreign currency amounted to 6.181.4 billion manat (1.480.4 billion manat and 4.701 billion manat, respectively).
The deposits of physical entities increased by 21.4 percent, while the volume of legal entities' deposits by 23.6 percent compared to January 2013.
As of January 2014, the volume of physical entities deposits in the banks amounted 6.451.4 billion manat compared to 5.315.4 billion manat in January 2013.
Around 3.929.8 billion manat (60.9 percent) of the population's funds were placed in the national currency, the manat, while 2.521.6 billion manat in freely convertible currency, according to the Central Bank.
The Azerbaijani population's deposits in the national currency in the banks have prevailed over those in foreign currency since 2012.
As of January 2014, the volume of deposits of financial institutions amounted to 3.383.4 billion manat compared to 2.636 billion manat as of January 2013.
The volume of deposits of non-financial institutions totalled 2.848.2 billion manat compared to 2.406.2 billion manat as of January 2013.
The total deposits of legal entities totalled 6.231.6 billion manat compared to 5.042.2 billion manat as of January 2013.
There are 43 banks in Azerbaijan, of which 42 are members of the Azerbaijan Physical Entity Deposit Insurance Fund.
The official exchange rate is 0.7844 AZN/USD on March 11.
Translated by NH
Edited by SM