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Drop in Dollar Intervention in Azerbaijani Economy Continues

Business Materials 27 April 2007 17:18 (UTC +04:00)

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 March, the special weight of all deposits and savings in foreign currency dropped 18% in the general deposit portfolio and 36.1% 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 April 1st 2007, the growth rate of deposits and savings in foreign currency was 15% 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 4.2 times and in foreign currency 30.1%.

As of 1 April 2007 special weight of deposits in foreign currency in the structure of deposits made up 69.1% against 87.3% as of 1 April 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 78.6% as of 1 April 2006 to 66.3% in the end of March 2007. Manat deposits by physical entities rose 4.2 times.

Long-term manat savings rose 4.1 times during the year. NBA fixed increase in manat deposits in the banks by the non-residents. As of April 1st 2007, short-term manta savings by non-resident physical entities grew 7.1 times and long-term 4.1 times

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