Dollarization of deposits increased in Azerbaijani districts in 2015

Business Materials 13 January 2016 19:35 (UTC +04:00)

Baku, Azerbaijan, Jan. 13

By Anvar Mammadov - Trend:

The population's deposits, attracted to Azerbaijan's banking system from the country's districts (except for Baku), totaled 530.59 million manat in January-November 2015, or 7.5 percent of the total bank deposits, the Central Bank of Azerbaijan (CBA) said.

The volume of deposits in Baku was 6.56 billion manat, while some 1.41 billion manat accounted for the deposits in the national currency.

The foreign currency savings of the residents of Azerbaijani regions amounted to 267.29 million manat (50.4 percent of total deposits in the regions) in the reporting period.

A gradual increase in the volume of bank deposits in freely convertible currency has been observed in the regions since early 2015. Thus, the share of the population's bank deposits in freely convertible currency in Azerbaijani regions amounted to 24.2 percent in early 2015, while 49.33 percent in October.

As of November 2015, the average interest rate throughout the country hit 7.6 percent.
Thus, the Absheron economic region is still the leader on such indices as attracting the population's deposits by the banks (164.24 million manat, average rate - 8.3 percent per annum).

During this period, the volume of deposits in the Aran economic region - 84.52 million manat at a rate of 6.1 percent, Mountainous Shirvan - 13.84 million manat at a rate of 6.8 percent, Ganja-Gazakh - 120.58 million manat at a rate 7.7 percent, Guba-Khachmaz - 33.57 million manat at a rate of 6.8 percent, Lankaran - 38.54 million manat - the rate of 7.4 percent, Sheki-Zagatala - 34.21 million manat - the rate of 6.1 percent, Upper Karabakh - 16.91 million manat - 5.0 percent, Kalbajar-Lachin - 2.19 million manat - 5.2 percent, Nakhchivan - 22.94 million manat - the average rate of 4.5 percent.

The official exchange rate is 1.5682 AZN/USD Jan. 13.


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