Azerbaijani population's bank deposits up in 2021

BAKU, Azerbaijan, Feb. 10

By Nazrin Israfilova - Trend:

The total volume of bank deposits of the Azerbaijani population (including individual businessmen) grew in 2021, Trend reports referring to the statistics report of the Central Bank of Azerbaijan (CBA).

According to the CBA, this figure amounted to 9.24 billion manat ($5.4 billion), up by 13 percent compared to 2020.

Last year, bank deposits of the population in foreign currency edged down by 7.8 percent - to 3.7 billion manat ($2.1 billion), making up 41 percent of all deposits of the population (against 50.8 percent in 2020).

The volume of deposits of the population in the national currency for the year rose by 17.5 percent - up to 5.4 billion manat ($3.1 billion), which is 55.3 percent of all deposits.

As of late 2021, the volume of bank deposits of residents amounted to 8.9 billion manat or $5.2 billion (growth of 13.2 percent on annual basis), and non-residents - 301.3 million manat or $177.2 million (up by 7.3 percent).

In general, at the end of last year, the volume of deposits in banks amounted to 29 billion manat ($17 billion), which is 22.6 percent more than at the end of 2020.

The total volume of bank deposits of the population of Azerbaijan at the end of 2021 increased by 22.6 percent over the year - from 8.17 billion manat or $4.81 billion (recorded in the late 2020) to 9.24 billion manat ($5.44 billion).

Some 88.2 percent (8.21 billion manat or $4.83 billion) of all bank deposits in the country accounted for Baku, while nearly 11.8 percent (1.02 billion manat or $600 million) – for the districts.

At the same time, the average annual deposit rate throughout the country as of late 2021 amounted to 3.4 percent, and in Baku – 3.27 percent.

Distribution of bank deposits by districts of Azerbaijan (as of late 2021):

(1 USD = 1.7 AZN on Feb. 10)