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Azerbaijan records increase in bank deposits of population

Finance Materials 27 February 2023 09:14 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, February 27. The total volume of bank deposits of the Azerbaijani population increased by 2.29 billion manat ($1.3 billion), or 23.79 percent, as of January 31, 2023, compared to the same period in 2022, from 9.6 billion manat ($5.6 billion) up to 11.9 billion manat ($7 billion), Trend reports via the Central Bank of Azerbaijan (CBA).

According to the CBA, a total of 10.6 billion manat ($6.24 billion), or 89.07 percent of all bank deposits, fell on Baku, while 1.3 billion manat ($760 million), or 10.93 percent, – on the districts.

Meanwhile, 61.19 percent (7.2 billion manat, or $4.2 billion) of bank deposits were in national currency, whereas 38.81 percent (4.6 billion manat, or $2.7 billion) were in foreign currency.

The average annual deposit rate as of January 31, 2023, in the country was 3.39 percent, while in Baku – 3.23 percent.

Regional distribution of bank deposits in Azerbaijan (as of January 31, 2023):

Deposits

Average interest rate (percent)

Share of total deposits (percent)

Azerbaijan

11.9 billion manat ($7 billion)

3.39

100.00

Baku

10.6 billion manat ($6.2 billion)

3.23

89.07

Economic regions. including:

1.3 billion manat ($764.7 million)

10.93

Nakhchivan

57.6 million manat ($33.8 million)

2.41

0.48

Absheron-Khizi

377.1 million manat ($221.8 million)

5.65

3.16

Mountainous Shirvan

34.3 million manat ($20.1 million)

3.63

0.29

Ganja-Dashkesan

182.6 million manat ($107.4 million)

5.29

1.53

Karabakh

76.02 million manat ($44.7 million)

3.87

0.64

Gazakh-Tovuz

93.5 million manat ($55 million)

4.5

0.78

Guba-Khachmaz

99.5 million manat ($58.5 million)

5.13

0.83

Lankaran-Astara

105.5 million manat ($62.06 million)

4.8

0.88

Central Aran

94.5 million manat ($55.5 million)

4.18

0.79

Mil-Mughan

38.5 million manat ($22.6 million)

2.74

0.32

Shaki-Zagatala

90.5 million manat ($53.2 million)

3.46

0.76

Eastern Zangazur

-

-

-

Shirvan-Salyan

53.4 million manat ($31.4 million)

3.39

0.45

The total volume of bank deposits of the Azerbaijani population as of December 31, 2022, amounted to 11.7 billion manat ($6.8 billion).

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