Individuals’ deposits in Azerbaijan up

Business Materials 5 July 2018 20:00 (UTC +04:00)

Baku, Azerbaijan, July 5

By Anvar Mammadov – Trend:

The volume of deposits of individuals in Azerbaijani banks totalled 7.87 billion manats as of late May 2018, according to a report of the country’s Central Bank.

Deposits of individuals increased by 14.9 percent as of late May 2018 compared to the same month of 2017, while by 4.1 percent since 2018, the majority of which are deposits in foreign currency – 62.9 percent or 4.95 billion manats.

Total volume of deposits of legal entities in Azerbaijani banks amounted to 12.26 billion manats decreasing by 16.9 percent for the year and by almost 6 percent since early 2018.

As of May 2018, the volume of deposits of financial organizations of Azerbaijan amounted to 1.73 billion manats as compared to 4.78 billion manats in the same period of 2017. Deposits of non-financial organizations totalled 10.53 billion manats as compared to 9.97 billion manats in May 2017.

In general, during the reporting period, the volume of deposits of legal entities and individuals in Azerbaijani banks totaled 20.13 billion manats, which is 3.5 percent less than the figure at the beginning of the year.

The deposit base has been decreasing since early 2018 mainly due to the reduction in the volume of deposits of legal entities. In January, its volume amounted to 20.86 billion manats, in February it reduced to 20.69 billion manats, in March – up to 20.3 billion manats, in April – up to 20.2 billion manats.

The deposit base decreased by 6.8 percent compared to May 2017.

As of early June 2018, deposits in national currency amounted to 6.02 billion manats (29.9 percent of all deposits), and foreign currency – 14.11 billion manats (70.1 percent).

(1 USD = 1.7 AZN on July 5)

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