Over 6% of bank deposits accounts for Azerbaijani districts

Business Materials 10 July 2016 14:16 (UTC +04:00)

Baku, Azerbaijan, July 10

By Maksim Tsurkov – Trend:

The population’s deposits, attracted to Azerbaijan’s banking system from the country’s districts (except for Baku), totaled 469.4 million manat in May 2016, that is, 6.13 percent of the total bank deposits, the Azerbaijani Central Bank’s (CBA) report said.

The official exchange rate is 1.5456 AZN/USD July 10.

The volume of deposits in Baku was 7.102 billion manat, while some 1.216 billion manat (17.13 percent) accounted for the deposits in the national currency.

The foreign currency savings of the residents of Azerbaijani districts amounted to 232.7 million manat (49.57 percent of total deposits in the districts) in the reporting period.

As of May 2016, the average interest rate throughout the country and Baku hit 5.9 percent.

Thus, the Absheron economic region is still the leader on such indices as attracting the population’s deposits by the banks (142.4 million manat, average rate – 6.5 percent per annum).

During this period, the volume of deposits in the Aran economic region – 73.86 million manat at a rate of 5 percent, Mountainous Shirvan – 11.63 million manat at a rate of 6.5 percent, Ganja-Gazakh – 101 million manat at a rate 5.8 percent, Guba-Khachmaz – 29.37 million manat at a rate of 6 percent, Lankaran – 39.72 million manat - the rate of 6.8 percent, Sheki-Zagatala – 27.31 million manat - the rate of 4.6 percent, Upper Karabakh – 9.6 million manat – 3.5 percent, Kalbajar-Lachin – 0.02 million manat – 10.8 percent, Nakhchivan – 28.5 million manat – the average rate of 3.5 percent.
Some 37 banks, including 2 state-owned banks, operate in Azerbaijan.