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Azerbaijan records increase in bank deposits of population

Finance Materials 27 September 2022 09:47 (UTC +04:00)
Azerbaijan records increase in bank deposits of population
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, September 26. The total deposits of the Azerbaijani population increased by 2.29 billion manat ($1.34 billion), or 26.86 percent as of August 31, 2022, Trend reports citing the Central Bank of Azerbaijan (CBA).

According to the CBA, a total of 9.6 billion manat ($5.6 billion), or 89.14 percent of all bank deposits fell on Baku, while 1.17 billion manat ($688.2 million), or about 10.86 percent – on the districts.

Meanwhile, 60.3 percent (6.54 billion manat, or $3.8 billion) of bank deposits were in national currency, whereas 39.7 percent (4.31 billion manat, or $2.5 billion) – were in foreign currency.

The average annual deposit rate as of August 31, 2022 was 3.36 percent, while in Baku – 3.21 percent.

Regional distribution of bank deposits in Azerbaijan (as of August 31, 2022):

Deposits

Average interest rate (%)

Share of total deposits (%)

Azerbaijan

10.858 billion manat ($6.3 billion)

3.29

100

Baku

9.6 billion manat ($5.6 billion)

3.14

89.14

Economic regions, including:

1.17 billion manat ($688.2 million)

10.86

Nakhchivan

66.5 million manat ($39.1 million)

2

0.61

Absheron-Khizi

335.5 million manat ($197.3 million)

5.6

3.09

Mountainous Shirvan

29.64 million manat ($17.4 million)

3.68

0.27

Ganja-Dashkesan

163.4 million manat ($96.1 million)

5.41

1.51

Karabakh

62.9 million manat ($37 million)

3.99

0.58

Gazakh-Tovuz

80.2 million manat ($47.1 million)

4.58

0.74

Guba-Khachmaz

98.4 million manat ($57.8 million)

4.47

0.91

Lankaran-Astara

93.9 million manat ($55.2 million)

4.94

0.87

Central Aran

85.4 million manat ($50.2 million)

4.11

0.79

Mil-Mughan

34.1 million manat ($20 million)

2.76

0.31

Shaki-Zagatala

83 million manat ($48.8 million)

3.24

0.76

East Zangazur

-

-

-

Shirvan-Salyan

46.1 million manat ($27.1 million)

3.51

0.43

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