Azerbaijani banks boost deposit portfolio by over 22% with help of country’s regions
Baku, Azerbaijan, Nov. 3
By Azad Hasanli - Trend:
The population's deposits, attracted to Azerbaijan's banking system from the country's regions (except for Baku), totaled 529.657 million AZN in Jan.-Sept. 2014, or 7.6 percent of the total bank deposits.
Compared with the same period of last year the figure rose by 22.4 percent, according to a report for the first 9 months of 2014, posted on the website of Azerbaijan's Central Bank (CBA).
On Oct. 1, the volume of deposits in Baku was 6.43 billion AZN, while some 4014.2 million AZN accounted for the deposits in the national currency.
In this period, the average interest rate throughout the country stood at 8 percent, and 8.1 percent - in Baku.
Thus, the capital city Baku is still the leader on such indicators as attracting the population's deposits by the banks.
Among Azerbaijan's regions, the Absheron economic region (166.21 million AZN, the average rate of 8.6 percent per annum) is leading in terms of attracting the population's deposits.
In the mentioned period the volume of deposits in the Aran economic region totaled 160.42 million AZN at an average rate of 7.6 percent, Mountainous Shirvan - 15.2 million AZN at a rate of 6.1 percent, Ganja-Gazakh - 57.35 million AZN at a rate 5.8 percent, Guba-Khachmaz - 20.9 million AZN at a rate of 6.4 percent, Lankaran - 45.1 million AZN - the rate of 7.5 percent, Sheki-Zagatala - 23.7 million AZN - the rate of 5.6 percent, Upper Karabakh - 11.7 million AZN - 4.3 percent, Kalbajar-Lachin - 7.1 million AZN - 5.1 percent, Nakhchivan - 21.93 million AZN - the average rate of 4.1 percent.
There are 44 banks in Azerbaijan; 42 of them are members of the Azerbaijan Deposit Insurance Fund.
The official exchange rate on Nov. 3 is 0.7844 AZN/USD.
Edited by CN