BAKU, Azerbaijan, March 1
By Tamilla Mammadova – Trend:
The volume of deposits in lari increased by 75.1 million lari ($22.6 million) in January 2021 compared to the previous month and amounted to 13.4 billion lari ($4.04 billion) , Trend reports via the National Bank of Georgia (NBG).
Public sector deposits increased by 431.2 million lari ($130.05 million).
Deposits of legal entities and individuals decreased by 227.1 million lari ($68.4 million) and 129 million lari ($38.9 million), respectively. In commercial banks, foreign currency deposits increased by 0.1 percent ($2.7 million) to $6.51 billion at the end of the period. According to the NBG, this increase is mainly due to an increase in the volume of time deposits of individuals.
As for deposits, due to the growth rates of deposits in foreign currency and cash, the level of dollarization of deposits in January 2021 decreased by 0.1 percentage points to 61.6 percent.
At the end of the reporting period, the dollarization of deposits of legal entities and individuals amounted to 53.7 and 77 percent, respectively. In January this year, average interest rates on deposits rose by 0.2 percentage points to 6.5 percent. On deposits in national currency, the weighted average annual interest rate paid by banks decreased by 0.1 percentage points compared to the previous period and amounted to 8.2 percent.
The rates on deposits of legal entities in the national currency decreased by 0.1 percentage points compared to the previous month and amounted to 8.1 percent. Annual interest rates on deposits of individuals decreased by 0.1 percentage points compared to the previous month and amounted to 9.3 percent. The annual interest rate on deposits in foreign currency is 1.9 percent.
The rates on deposits of legal entities in foreign currency remain unchanged at the level of 2.6 percent. Also, interest rates on foreign currency deposits of individuals remain unchanged at 1.9 percent.
According to the National Bank, in January 2021, compared to the previous month, the banking system's liabilities on deposits increased by 253 million lari ($76.3 million) and amounted to 34.9 billion lari ($10.5 billion). Compared to the corresponding period of 2020, the total volume of deposits increased by 31.4 percent.
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