Bank deposit volume increases by more than third in Azerbaijan

Business Materials 13 June 2015 09:34 (UTC +04:00)

Baku, Azerbaijan, June 13

By Anvar Mammadov - Trend:

The depositary base of Azerbaijani banks increased by 1.7 percent in April 2015. It increased by 38.25 percent compared to the same period of last year, the report of the Central Bank of Azerbaijan as of January-April 2015 said.

As of May 1, 2015, the total amount of bank deposits and deposits of physical and legal entities totaled 18.83 billion manat compared to 13.62 billion manat as of early May 2014, according to the CBA.

Around 5.007 billion manat of this amount fell to cash (26.59 percent), including 1.96 billion manat - demand deposits, and 3.05 billion manat - term deposits.

The funds in foreign currency amounted to 13.82 billion manat (73.41 percent), including 3.11 billion manat - demand deposits and 10.71 billion manat - term deposits.

The ratio of deposits in local and foreign currency has changed in favor of the latter compared to March 2015. Thus, as of March, the deposit funds in manat amounted to 29.97 percent, while 70.03 percent accounted for those in foreign currency.
The deposits of physical entities increased by 17.5 percent, while the volume of legal entities' deposits by 57.6 percent in January-April 2015 compared to the same period of 2014.

As of April 2015, the volume of physical entities' deposits in the banks amounted 7.72 billion manat compared to 6.57 billion manat in early May 2014.

Around 2.2 billion manat (28.5 percent) of the population's funds were placed in the national currency, while 5.47 billion manat in freely convertible currency (71.5 percent), according to the Central Bank.

It should be stressed that the growth of the population's deposits in dollars is connected with the process of sharp devaluation of the manat by almost 34 percent on February 21.

As of April 2015, the volume of deposits of financial organizations amounted to 6.26 billion manat compared to 3.62 billion manat as of April 2014. The volume of deposits of non-financial organizations totaled 4.85 billion manat compared to 3.42 billion manat in the same period of 2014.

The total volume of deposits of legal entities totaled 11.1 billion manat compared to 7.05 billion manat as of May 1, 2014.

There are 45 banks in Azerbaijan. All of them are members of the Azerbaijan Deposit Insurance Fund.

The official exchange rate is 1,0477 AZN/USD June 13.

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