Azerbaijani banks’ depositary base increases by quarter during year

Business Materials 28 November 2014 17:19 (UTC +04:00)

Baku, Azerbaijan, Nov 28

By Azad Hasanli - Trend:

As of January-October 2014, the depositary base of Azerbaijani banks increased by 18.9 percent and 23.13 percent per annum, according to the Azerbaijani Central Bank's report.

As of November 1, 2014, the total amount of bank deposits and deposits of physical and legal entities totalled 14.827 billion AZN, compared to 12.042 billion AZN as of early November 2013, according to the CBA.

Around 7.485 billion AZN fell to cash, of which 2.405 billion AZN were demand deposits, and 5.079 billion AZN - term deposits. The funds in foreign currency amounted to 7.341 billion AZN (1.764 billion AZN and 5.577 billion AZN, respectively).

The deposits of physical entities increased by 11.14 percent, while the volume of legal entities' deposits by 33.26 percent compared to January-October 2013. These indexes increased by 9.54 percent during January-October and by 25.35 percent respectively.

As of January-October 2014, the volume of physical entities' deposits in the banks amounted 7.005 billion AZN compared to 6.303 billion AZN in January-October 2013.

Around 4.439 billion AZN (64 percent) of the population's funds were placed in the national currency, while 2.566 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-October 2014, the volume of deposits of financial organizations amounted to 4.088 billion AZN compared to 3.067 billion AZN as of January-October 2013. The volume of deposits of non-financial organizations totaled 3.733 billion AZN compared to 2.671 billion AZN as of January-October 2013.

The total volume of deposits of legal entities totaled 7.821 billion AZN compared to 5.738 billion AZN as of November 1, 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 Nov. 28.

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edited by CN