Deposit base in national currency decreasing in Azerbaijani banks
Baku, Azerbaijan, June 14
By Anvar Mammadov - Trend:
The deposits in national currency amounted to 4.33 billion manat in Azerbaijani banks in April 2016, decreasing by 1.6 percent for the month, the Azerbaijani Central Bank's (CBA) report as of Jan.-April said.
The official exchange rate is 1.5114 AZN/USD as of June 14.
As of May 1, the deposits in national currency - manat amounted to 19.2 percent compared to 19.03 percent as of late March, almost 50.6 percent - demand deposits, the rest amount - term deposits.
According to the report, during the period, the deposits in freely convertible currency decreased by 2.67 percent up to 18.22 billion (5.51 billion manat - demand deposits, 12.71 billion manat - term deposits).
The share in the deposit base of banks decreased from 80.9 percent to 80.8 percent for the month.
As of May 1, 2016, the total amount of bank deposits of physical and legal entities totaled 22.56 billion manat, the CBA's report says.
The amount of bank deposits decreased by 2.42 percent for the month, but increased by 19.8 percent for the year.
The foreign currency deposits began increasing after the devaluation in February 2015. For comparison: 51.7 percent of the banks' deposit base was formed in January 2015 through the deposits in freely convertible currency. However, as of 2015, this figure reached 81.6 percent.
The volume of the physical entities' deposits in Azerbaijani banks amounted to 7.69 billion manat in April 2016. Some 81.7 percent or 6.28 billion manat accounted for the foreign currency deposits.
The population's bank deposits decreased by 2.5 percent for the month. The deposits decreased by 0.4 percent per annum.
The total volume of the legal entities' deposits in the country's banks amounted to 14.87 billion manat or by 33.8 percent more than in April 2015 - 11.11 billion manat.
As of May 2016, the volume of the financial organizations' deposits hit 6.18 billion manat compared to 6.26 billion manat in April 2015.
The volume of the non-financial organizations' deposits hit 8.69 billion manat compared to 4.85 billion manat in April 2015.
Some 37 banks operate in Azerbaijan, two of them are state owned.