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Azerbaijan sees growth in population's bank deposits

Finance Materials 4 August 2023 12:46 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, August 4. The Azerbaijani population's total bank deposits increased by 2.15 billion manat or $1.26 billion (20.32 percent) as of June 30, 2023 compared to the same period in 2022 – from 10.59 billion ($6.2 billion) to 12.7 billion manat ($7.4 billion), Trend reports.

According to the Central Bank of Azerbaijan (CBA), Baku accounted for 88.63 percent (11.29 billion manat or $6.6 billion) of all bank deposits in Azerbaijan, and the regions accounted for 11.37 percent (1.4 billion manat or $820 million).

At the same time, as many as 63.44 percent (8.08 billion manat or $4.75 billion) of the population's bank deposits were in national currency, and 36.56 percent (4.6 billion manat or $2.7 billion) were in foreign currency.

Moreover, the average annual deposit rate as of June 30, 2023, in Azerbaijan was 3.45 percent, in Baku – 3.29 percent.

Distribution of bank deposits by Azerbaijan’s regions (as of June 30, 2023)

Deposits

Average interest rate (%)

Share of total deposits (%)

Azerbaijan

12.7 billion manat ($7.4 billion)

3.43

100.00

Baku

11.29 billion manat ($6.6 billion)

3.29

88.63

Including economic regions:

1.4 billion manat or $820 million

11.37

Nakhchivan

70,550 manat ($41,500)

2.28

0.55

Absheron-Khizi

411,468 manat ($242,040)

5.45

3.23

Mountainous Shirvan

38,922 manat ($22,900)

3.5

0.31

Ganja-Dashkasan

198,727 manat ($116,900)

5.15

1.56

Karabakh

87,211 manat ($51,300)

3.55

0.68

Gazakh-Tovuz

100,077 manat ($58,870)

4.68

0.78

Guba-Khachmaz

117,700 manat ($69,240)

4.58

0.92

Lankaran-Astara

110,314 manat ($64,890)

4.74

0.87

Central Aran

105,276 manat ($61,930)

4.07

0.83

Mil-Mughan

44,190 manat ($25,990)

2.54

0.35

Shaki-Zagatala

103,810 manat ($61,060)

3.51

0.81

East-Zangazur

-

-

-

Shirvan-Salyan

60,778 manat ($35,750)

3.14

0.48

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