Deposit base of Azerbaijani banks increases by almost 21% within a year
Baku, Azerbaijan, May 3
By Ilaha Khalilova - Trend:
The deposit base of Azerbaijani banks has increased by 20.84 percent in the first quarter of 2014, compared to the same period of last year.
Along with that the deposit base also saw a 6.67 percent growth since the beginning of 2014, according to the statistical report of the Azerbaijani Central Bank.
As of April 1, 2014 the total volume of bank deposits and deposits of legal entities and individuals amounted to more than 13.308 billion manat compared to about 11.013 billion manat in early April 2013, the report said.
Out of 13.308 billion manat, over 6.596 billion accounted for funds in manats, some 2.396 billion manat of which are demand deposits, and about 4.201 billion manat - short-term deposits.
The funds in foreign currency amounted to about 6.712 billion manat (1.720 billion manat in demand deposits and 4.991 billion manat in short-term deposits respectively).
The deposits of individuals increased by 20, 24 percent and the volume of deposits of legal entities - by 21.45 percent compared to January- March, 2013. These figures increased by 4,1 percent and 9.4 percent respectively during the Q1.
The volume of individual deposits in banks amounted to 6.656 billion manat in January-March, 2014 compared to 5.536 billion manat in the first quarter of 2013.
More than 4.077 billion manat (61.26 percent) of the funds was disposed in the national currency - manat, over 2.579 billion manat - in freely convertible currency, according to the CBA.
Since 2012, population of Azerbaijan has been disposing funds into local banks in national currency, rather than foreign currency.
As of January- March, 2014 the volume of deposits of financial institutions amounted to more than 3.610 billion manat compared to over 2.605 billion manat in January-March, 2013.
In turn, the volume of deposits of non-financial organizations amounted to 3.041 billion manat compared to 2.871 billion manat in January-March 2013. Total volume of deposits of the legal entities totaled about 6.652 billion manat compared to about 5.477 billion manat in January-March 2013.
There are 44 banks operating in Azerbaijan, 42 of which are the members the Azerbaijan Deposit Insurance Fund.
The official exchange rate is May 3 is 0,7843 AZN / USD.
Translated by S.I.
Edited by S.I.