Azerbaijan increases deposits in national currency
Baku, Azerbaijan, Sept. 13
By Azad Hasanli – Trend:
The amount of deposits in the Azerbaijani national currency – manat has reached almost 4.65 billion manats (official exchange rate is 1.6403 AZN/USD as of Sept. 13) in the country’s banks in July 2016, increasing by 0.5 percent for the month, said a report of the Azerbaijani Central Bank (CBA).
According to the report, as of early August, the amount of manat deposits has reached 20 percent compared to 19.8 percent as of early July.
Almost 56 percent of manats deposits accounted for demand deposits, the rest amount - term deposits, the report said.
According to the report, the deposits in freely convertible currency decreased by 0.75 percent up to 18.6 billion manats for the month (5.2 billion manats - demand deposits, 13.4 billion manats - term deposits).
The share of the deposits in freely convertible currency in the banks’ deposit base decreased from 80.8 percent to 80 percent for the month, the report said.
Thus, as of early August, the total amount of deposits of physical and legal entities in Azerbaijani banks reached 23.25 billion manats, decreasing by 0.5 percent for the month, the report said.
The foreign currency deposits were 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, that index reached 81.6 percent.
According to the report, the physical entities' deposits reached 7.84 billion manats in July 2016.
Most of the physical entities' deposits accounted for the ones in the foreign currency – 80.8 percent or 6.3 billion manats, the report said.
According to the report, the population’s deposits increased by 0.4 percent for the month, while 3.1 percent per annum.
The total volume of the legal entities’ deposits in Azerbaijani banks reached 15.4 billion manats or by almost 1 percent less than in June and by 45.3 percent more than in late July 2015, the report said.
According to the report, as of early August 2016, the amount of the Azerbaijani financial organizations’ deposits reached 5.86 billion manats compared to 6.03 billion manats in June 2016 and 5.7 billion manats in July 2015.
The amount of the non-financial organizations’ deposits reached 9.55 billion manats compared to 9.52 billion manats in June 2016 and 4.94 billion manats in July 2015, the report said.
Some 33 banks operated in Azerbaijan in July, two of those banks – state owned banks.