Less than third of Azerbaijani population’s deposits in national currency
Baku, Azerbaijan, Aug. 10
By Azad Hasanli - Trend:
As of June 2015, the volume of physical entities' deposits in the banks increased by 13.9 percent and hit 7.654 billion manat compared to 6.721 billion manat in early July 2014, the Central Bank of Azerbaijan said Aug. 10.
Around 2.180 billion manat (28.5 percent) of the population's funds were placed in the national currency, while 5.474 billion manat in freely convertible currency (71.5 percent), according to the Central Bank.
In January 2015, some 60.05 percent of the population's funds were invested in banks in manat, and the rest amount in foreign currency. A tendency of prevailing the population's cash deposits in banks in the national currency over the foreign currency deposits has been observed in Azerbaijan since 2012. So, as of 2014, some 4.422 billion (61.5 percent) of funds were placed in the national currency, 2.766 billion manat - in freely convertible currency.
As of June 2015, the volume of deposits of financial organizations amounted to 5.714 billion manat compared to 4.091 billion manat as of June 2014. The volume of deposits of non-financial organizations totaled 4.864 billion manat compared to 3.179 billion manat in the same period of 2014.
The total volume of deposits of legal entities totaled 10.578 billion manat or by 45.5 percent more than as of June 1, 2014 (7.271 billion manat).
There are 43 banks in Azerbaijan.