BAKU, Azerbaijan, July 1. The total volume of the Azerbaijani population's bank deposits grew by over 1.27 billion manat, or $750 million (10.31 percent), as of May 31, 2024, from 12.4 billion ($7.3 billion) to 13.67 billion manat ($8 billion), Trend reports.
The Central Bank of Azerbaijan (CBA) data showed that Baku accounted for 88.74 percent of all bank deposits in the country (12.13 billion manat, or $7.14 billion), while the regions accounted for 11.26 percent (1.54 billion manat, or $910 million).
Approximately 65.3 percent of the population's bank deposits, totaling 8.9 billion manat or $5 billion, were in the national currency, while the remaining 34.7 percent, amounting to 4.7 billion manat or $2.76 billion, were in foreign currency.
Azerbaijan's average yearly deposit rate was 3.97 percent, while Baku's was 3.83 percent.
Distribution of bank deposits by Azerbaijani regions (as of May 31, 2024):
|
Deposits |
Average interest rate (percent) |
Share of total deposit (percent) |
|
|
Azerbaijan |
13.67 billion manat ($8 billion) |
3.97 |
100 |
|
Baku |
12.13 billion manat ($7.14 billion) |
3.83 |
88.74 |
|
Economic regions, including: |
1.5 billion manat ($880 million) |
11.26 |
|
|
Nakhchivan |
65 million manat ($38 million) |
3.34 |
0.48 |
|
Absheron-Khizi |
444 million manat ($261 million) |
5.81 |
3.25 |
|
Mountainous Shirvan |
41 million manat ($24 million) |
4.14 |
0.3 |
|
Ganja-Dashkasan |
217 million manat ($127.6 million) |
5.61 |
1.59 |
|
Karabakh |
83.5 million manat ($49 million) |
4.23 |
0.61 |
|
Gazakh-Tovuz |
110.7 million manat ($65 million) |
5.23 |
0.81 |
|
Guba-Khachmaz |
122 million manat ($72 million) |
5.03 |
0.89 |
|
Lankaran-Astara |
117 million manat ($69 million) |
5.07 |
0.86 |
|
Central Aran |
112.6 million manat ($66 million) |
4.88 |
0.82 |
|
Mil-Mughan |
43 million manat ($25 million) |
3.17 |
0.32 |
|
Shaki-Zagatala |
118 million manat ($69 million) |
4.01 |
0.86 |
|
Eastern Zangezur |
- |
- |
- |
|
Shirvan-Salyan |
65.7 million manat ($39 million) |
3.69 |
0.48 |
To note, the overall volume of Azerbaijan's population's bank deposits increased by 1.2 billion manat or $708.2 million (10.26 percent), year on year, from 11.7 billion ($6.9 billion) to 12.9 billion manat ($7.6 billion) as of December 31, 2023.