NBA States Drop in Dollar Intervention in Azerbaijani Economy
Azerbaijan, Baku / corr. Trend I.Khalilova / The National Bank of Azerbaijan (NBA) stated a drop in the level of dollar intervention to the country's economy during the year.
At the end of February, the special weight of all deposits and savings in foreign currency dropped 17.1% in the general deposit portfolio and 40% in the money aggregate М3. The processes are characterized by the consolidation of rate of the national currency, the manat, with respect to hard currency and increase of public confidence in the national currency as a result of the denomination.
As of March 1st 2007, the growth rate of deposits and savings in foreign currency was 17.4% as compared to last year. The growth rate of deposits of legal entities in the manat also exceeded the growth rate of
deposits in foreign currency. Over the past 12 months, community deposits in manats rose 4.3 times and in foreign currency 27.4%.
As of 1 March 2007 special weight of deposits in foreign currency in the structure of deposits made up 69.8% against 88.6% as of March 2007. Manat deposits by physical entities exceeded the growth
rate of manat deposits placed by legal entities. The special weight of deposits in the total amount of savings and deposits fell from 79.8% in March 2006 to 67.8% in the end of February 2007. Manat deposits by physical entities rose 4.3 times.
Long-term manat savings rose 4.4 times during the year. NBA fixed increase in manat deposits in the banks by the non-residents. As of March 1st 2007, short-term manta savings by non-resident physical entities grew 7.5 times and long-term 6.4 times.