Azerbaijani banks’ depositary base increases by over 25% during year
Baku, Azerbaijan, Oct. 3
By Azad Hasanli - Trend:
As of January-August 2014, the depositary base of Azerbaijani banks increased by 17.3 percent and 25.5 percent per annum, according to the Azerbaijani Central Bank's report.
As of September 1, 2014, the total amount of bank deposits and deposits of physical and legal entities totalled 14.639.8 billion AZN, compared to 11.661.5 billion AZN as of early September 2013, according to the CBA.
Around 7.392.7 billion AZN fell to cash, of which 2.559.7 billion AZN were demand deposits and 4.833 billion AZN - term deposits. The funds in foreign currency amounted to 7.247 billion AZN (1.866. 7 billion AZN and 5.380.4 billion AZN, respectively).
The deposits of physical entities increased by 14.8 percent, while the volume of legal entities' deposits by 37.3 percent compared to January-August 2013. These indexes increased by 8.4 percent during January-August and by 22.7 percent respectively.
As of January-August 2014, the volume of physical entities' deposits in the banks amounted 6.992.8 billion AZN compared to 6.090.4 billion AZN in January-August 2013.
Around 4.447 billion AZN (63.59 percent) of the population's funds were placed in the national currency, while 2.545.8 billion AZN 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-August 2014, the volume of deposits of financial organizations amounted to 4.022.6 billion AZN compared to 2.931.3 billion AZN as of January-August 2013. The volume of deposits of non-financial organizations totalled 3.624.5 billion AZN compared to 2.639.8 billion AZN as of January-August 2013.
The total volume of deposits of legal entities totalled 7.647.1 billion AZN compared to 5.571.1 billion AZN as of January-August 2013.
There are 44 banks in Azerbaijan, 42 of which are members of the Azerbaijan Deposit Insurance Fund.
The official exchange rate is 0, 7844 AZN/USD on Oct. 3.