Review of monetary sector in Azerbaijan (January-June 2012)

The current and strategic activity of the Azerbaijani Central Bank (CBA) during the first half of 2012 served to fully support the economic policy of the country. It focused on sustainable growth and economic development, CBA chairman Elman Rustamov said at the enlarged meeting of the board.

The CBA meeting carried out extensive analysis of the banking system. The focus was the processes of consolidation and restructuring in the banking sector, all the necessary measures have been implemented. The process of aligning with the new standards Bazel-three of emerging prudential supervision continued. Rustamov said the necessary preparatory work in the Banking Sector Assessment Program (FSAP), which will be implemented in 2013 together with international financial institutions was carried out.

In the first half all the tactical and strategic goals in areas such as management of foreign exchange reserves, the development of payment systems within the concept of "Electronic government", the organization, management and optimization of cash flow, the implementation of important legislative initiatives were implemented.

"Despite instability at world financial markets, safe and optimal management of foreign exchange reserves was ensured, growth of non-cash payments continued, the number of cards in circulation increased by 4 percent, and POS-terminal - by 1.7 times," Rustamov said. "For stimulating increase in scale of non-cash payments work continued with relevant organizations. Demand for cash money was timely and fully ensured resulting in money emission growth during the first six months by 8.3 percent".

He said this year work has been carried out on forming the most advanced standards of cash management and creation of the automated cash centre. Within seven programs over 30 important projects are being implemented which aims to increase institutional potential and efficiency of the Central Bank's policy in macroeconomic and financial stability as well as more efficient implementation of other functions provided for by the law.

"In order to increase contribution in strategic economic policy CBA implements a number of other important projects. All institutional, organizational and personnel issues related to this should be timely solved this year to implement projects and activity programs," Rustamov said.

The Central Bank's chairman in general praised the outcome of the first six months of 2012 and gave tasks for implementation of tasks and strategic and tactical objectives.

The official foreign exchange reserves of the Central Bank of Azerbaijan increasing during the second quarter of 2012 by $564.8 million (5.4 percent), amounted, as of July 1, to $11.046.3 million.

As of 2010, foreign exchange reserves of the CBA amounted to $6.407.6 billion, as of 2011 - $10.481.5 billion.

In 2012 the CBA expects increase in its foreign exchange reserves by $3 billion.

Foreign exchange market and exchange rate of manat

The Central Bank implemented a monetary sterilization to the amount of $639 million to maintain the stability of manat in terms of the large balance of payments. As a result, exchange rate of manat compared to the U.S. dollar consolidated by 0.11 percent. The real exchange rate of manat remained at acceptable level, the real reduction in price pace amounted to 1.5 percent.

In June the official exchange rate of national currency compared to the U.S. dollar increased by one point. The U.S. dollar exchange rate decreased from 0.7857 manat per dollar in early June to 0.7856 manat by late June.

Exactly two weeks, the dollar exchange rate stayed unchanged at 0.7858 manat to the dollar, and then fall in the dollar once again reminded the slow descent of the stairs.

The forecast of the average annual rate of national currency compared to the U.S. dollar until 2015 remains unchanged - at 0.79 manat as in 2011. As one can see, the country's government is stable with respect to the forecast of the dollar rate. According to the forecast, manat gradually strengthens compared to euro.

According to the forecasts of the Azerbaijani government, the rate of the manat compared to the euro in 2012 is expected to hit 1.0910 manat per one euro compared to 1.0939 manat expected in 2011 (according to the CBA, the exchange rate was 1.0178 manat in the end of the year). The exchange rate is projected to hit 1.0608 manat in 2013, in 2014 - 1.0430 manat and in 2015 - 1.0387 manat.

As of June, the exchange rate of euro in Azerbaijan rose by 187 points (from 0.9701 manat per euro to 0.9888 manat per euro). Throughout the month the euro in Azerbaijan has been instable. Monthly minimum rate - 0.9701 EUR / AZN was recorded in early June, the monthly maximum rate - 0.9958 EUR / AZN was reached on June 20.

The total volume of trading in the currency section of Baku Interbank Currency Exchange (Baki Banklararasi Valyuta Birjasi - BBVB) in June 2012 amounted to 79.667 million manat, or 101.440 million in dollar equivalent. In comparison with the figures of May, in the reporting month total trading volume in currency increased by 3.351 million manat, or four percent.

The average daily turnover in exchange electronic trading system on USD / AZN in March reached about $5.339 million, while the average amount of each transaction was $2.305 million.

In June 2012 about 12 banks-participants conducted 44 transactions at 38 trading sessions of exchange electronic trading system (BEST).

The exchange rate of national currency on USD / AZN_TOD in the reporting month decreased by 0.03 percent - from 0.7848 to 0.7850 manat to $1. In this case, the average weighted U.S. dollar compared to manat was 0.7854 AZN per $1 in June 2012 compared to 0.7856 AZN as of May.

Azerbaijani monetary market in January-May 2012

The Central Bank's important task is to manage the money supply at an adequate level of macroeconomic and financial stability, in terms of continuous growth of foreign exchange reserves and high liquidity of the banking system.

The Azerbaijani Central Bank stressed the increase in all units of money supply in January-May 2012 compared to the same period of last year and according to all indices compared to early 2012. This is a result of the influence of two factors: the increase in the mass of money in circulation and speed of their turnover.

According to the CBA, money supply (M2) (cash in circulation (outside banks) and remainders in the domestic currency on accounts of non-financial organizations, financial (excluding credit) organizations and individuals) in January-May 2012 increased by 36.7 percent compared January-May 2011 and by 2.2 percent compared to as of April 1 2012.

So, as of June 1, 2012 the rate of M2 was 11.456.7 billion manat compared to 8.392 billion manat as of June 1, 2011 and 11.202.4 billion manat as of early May.

As of early June 2012, the amount of cash money supply (M0) hit 7.509.9 billion manat compared to 5.610.3 billion manat as of June 1, 2011 and 7.312.8 billion manat as of early May 2012.

As of June 1, 2012 Broad Money Supply (M3) totaled 14.579.5 billion manat compared to 10.056.1 billion manat as of early June 2011 and 14.346.2 billion manat as of early May 2012.

Transaction money (M1) as of early June 2012 amounted to 9.194.7 billion manat compared to 6.833.6 billion manat as of early June 2011 and 8.972.4 billion manat as of early May 2012.

Parameters of monetary market, in mln manat

Amount, January-May 2012

Money mass in extensive understating (М3)

14579,5

Money mass on manat (М2)

11456,7

Cash in manat (М0)

7509,9

Non-cash in manat

3946,8

As of June 1, 2012, the expanded monetary base amounted to 8.457.9 billion manat in Azerbaijan. According to the CBA, the monetary base increased by 34.4 per cent during the year, and by 2.8 per cent compared to as of May 1, 2012.

As of June 1, 2012 the monetary base in manat was 8.373.1 billion manat compared to 6.244.9 billion manat as of June 1, 2011 and 8.145.9 billion manat as of May. 1, 2012.

In the reporting period, the volume of currency in circulation amounted to 7. 971.9 billion manat, while as of June 1, 2011 the figure was 5.949.5 billion and as of May 1, 2012 - 7.710.8 billion manat.

The bank reserves hit 470.1 million manat, or 39.45 per cent more than in January-May 2011 (337.1 million manat), but by 5.3 per cent less compared to early May 2012 (496.6 million manat).

The cash in circulation to monetary base ratio for the reporting period was 94.3 per cent compared to 94.5 per cent as of June 1, 2011, and 93.8 per cent as of May 1, 2012.

Credit market of Azerbaijan in Jan.-May 2012

Azerbaijani banks increased lending to the Azerbaijani economy by 1.4 percent in May 2012 and by 21.26 percent during the year.

According to the CBA, as of June 1, 2012, the banks delivered loans totaling 10. 611.5 billion manat, including 6. 994.3 billion manat in national currency (65.9 percent) in national currency and 3. 617.2 billion manat in hard currency (34.1 percent).

As of early May 2012, the figure was equal to 10.463.3 billion manat (6. 820.9 billion in national currency and 3. 642.3 billion manat in hard currency), and as of June 1, 2011 - 8.750.4 billion manat (5. 346 billion manat and 3. 404.4 billion manat).

Of the total portfolio, loans worth 720.1 million manat (6.78 percent) were overdue compared to 719.4 million manat as of May 1, 2012, about 551.8 million manat as of June 1, 2011. Statistics of overdue loans does not include similar loans of non-bank credit institution Aqrarkredit.

Short-term loans as of early June 2012 amounted to 2.958.8 billion manat (including overdue loans worth 376.9 million manat) compared to 2.977.7 billion manat (including overdue loans worth 376.1 million manat) as of May 1, about 2.891.9 billion manat (281.8 million) as of June 1, 2011.

The volume of short-term loans in the economy rose by 2.3 per cent during during the year. As of early June 2012, about 34.81 percent of short-term lending fell to freely convertible currency.

As of early June 2012, long-term loans amounted to 7.652.7 billion manat (including 343.1 million manat overdue loans) compared to 7.485.7 billion manat (343.3 million overdue loans) as of May 1, about 5.858.5 billion manat (270.1 million manat) as of June 1, 2011. The amount of long-term loans increased by 30.6 percent per year. As of early June 2012, some 33.8 percent of long-term lending fell to freely convertible currency.

According to CBA, in January-April 2012, the only state bank of the country (the International Bank of Azerbaijan) granted loans totaling 3.570.4 billion manat with a specific weight of 33.6 percent and private banks - 6.763 billion manat with a specific weight of 63.7 percent. The remaining 2.6 percent fall to the share of non-bank credit organizations, which granted loans worth 278.1 million manat.

The loans given to the population in the Azerbaijani regions hit 1.360.27 billion manat of June 1, 2012 or 12.8 percent of the total loan portfolio of banks.

In Baku, the figure was 9.251.25 billion manat, where the loans in national currency hit 5.952.46 billion manat.

The average interest rate in the country compared to April was 16.1 percent, Baku - 15.5 percent.

The lending volume on Absheron economic region totaled 297.76 million manat at an average rate of 18.4 percent, Aran - 307.7 million manat (22.4 percent), Mountain-Shirvan - 34.78 million manat (21 percent), Ganja -Gazakh - 295.76 million manat (21.2 percent), Guba-Khachmaz - 118.77 million manat (20 percent), Lankaran - 124.95 million manat (24.2 percent), Sheki-Zagatala - 82.26 million manat (23.2 percent), the Upper Karabakh - 13.85 million manat (22.5 percent), Kalbajar-Lachin - 2.16 million manat 17.3 percent, Nakhchivan - 82.29 million manat (11.6 percent)

Most of all loans are granted to households in Azerbaijan. According to the CBA, in January-May 2012 households received 35.2 percent or loans worth 3.733.8 billion manat.

The sphere of trade and services (26.7 percent or 2.829.3 billion manat) ranks second, the construction sector of real estate (9 percent or 952.5 million manat) ranks third.

About 5.8 percent or 613.6 million manat accounted for industry and production, 4.7 percent (496.6 million manat) - agriculture and processing, 4 percent or 424.9 million manat - transport and communications, 2.5 percent (261.6 million manat) - energy, chemical industry and natural resources and 0.4 percent or 44.2 million manat of loans - rest areas.

As of June 1, 2012 the average interest rate on credits in national currency - manat in Azerbaijani banks was 15.99 percent compared to 16.05 percent as of May 1, 2012, 16.5 percent as of June 1, 2011.

According to the CBA, the average rate on bank loans in freely convertible currency amounted to 16.31 percent compared to 16.05 percent and 16.48 percent.

The average rate on bank lending to legal entity in national currency amounted to 14.33 percent compared to 14.36 percent as of May 1, 2012 and 14.47 percent as of June 1, 2011.

The average rate on bank loans to corporate client in freely convertible currency was 13.8 percent compared to 13.56 percent and 13.44 percent respectively.

As of June 1, the average rate on bank lending to individual in national currency amounted to 18.47 percent compared to 18.57 percent as of May 1, 2012 and 19.86 percent as of June 1, 2011.

The average rate on bank credit for individual client in freely convertible currency amounted to 22.15 percent compared to 21.98 percent and 23.77 percent respectively.

Banking sector of Azerbaijan for January-May 2012

In May 2012, the depository base of Azerbaijani banks increased by 1.46 percent and compared to May 2011 by 24.19 percent. The growth of deposits in domestic banks confirms the growing confidence of the Azerbaijani population in the country's banking system.

According to the CBA, as of early June, the total amount of deposits of individuals and legal entities in Azerbaijani banks, including deposits of non-residents and state agencies amounted to 9.884.5 billion manat compared 9.870 billion manat as of early May 2012 and 7.959.1 billion as of early June 2011.

Of this amount, some 4.411.6 billion manat fell to money in manat, while 5.472.9 billion manat - to funds in foreign currency.

During May, deposits of individuals increased by 0.06 percent, while amount of deposits of legal entities increased by 0.21 percent. Compared to May 2011 deposits of individual clients increased by 30.7 percent while deposits of corporate clients - by 19.5 percent.

As of early June, deposits of individuals amounted to 4.341.7 billion manat compared to 4.338.8 billion manat as of early May, 3.321.5 billion manat - as of June 1, 2011.

According to the CBA, about 2.450.7 billion manat (56.4 percent) were placed by the population in the national currency - manat, 1.891 billion manat - in freely convertible currency. Consequently, there is a trend of prevailing Azerbaijani population's cash deposits in banks in national currency over cash deposits in foreign currency. It should be stressed that there was a similar situation in December, November and August last year.

As of 2011, 2.281.6 billion manat (55.4 percent) were placed by the population in the national currency - manat, 1.838.1 billion manat - in freely convertible currency.

As of early June, deposits of non-financial organisations amounted to 3.092.1 billion manat compared to 3.051.3 billion manat as of early May and 2.407.9 billion - as of June 1, 2011.

There are 44 banks in Azerbaijan, of which 1 bank doesn't have a permit to receive deposits. The remaining banks are members of the Azerbaijani Fund for insurance of individuals.

Deposits of the population, drawn to the banking system from the Azerbaijani regions (areas of the country, except for Baku), as of June 1, 2012 amounted to 3.969.8 billion manat or 8.56 percent of total volume of bank deposits.

As of June 1, the total amount of deposits in the country amounted to 4.341.7 billion manat, of which 2.450.65 billion manat fall to deposits in national currency.

The volume of deposits on Baku amounted to 3.969.8 billion manat, while the deposits in national currency hit 2.169.7 billion manat.

The average interest rate for the country during the reporting period amounted to 8.7 percent, for Baku- 8.9 percent.

The amount of deposits on Absheron economic region amounted to 114.56 million manat, with an average rate of 9.4 percent, Aran - 62.25 million manat (4.9 percent), Mountain-Shirvan - 7.72 million manat (6.7 percent), Ganja -Gazakh - 73.1 million manat, 7 percent, Guba-Khachmaz - 28.33 million manat, 6.9 percent, Lankaran - 30.45 million manat, 2.2 percent, Sheki-Zagatala - 22.31 million manat, 6.1 percent, Upper Karabakh - 8.5 million manat, 3.7 percent, Kelbajar-Lachin - 2.49 percent, 5 percent, Nakhchivan - 22.18 million manat, 3.4 percent.

The average rate on deposits in manat as of June 1, 2012 was 10.32 percent compared to 10.19 percent as of May 1, 2012, and 11.98 percent as of June 1, 2011.

The average rate on deposits in foreign currency amounted to 11.01 percent compared to 10.97 percent and 11.35 percent respectively.

As of June 1, 2012, the average rate on individuals' deposits in manat was 10.74 percent compared to 10.71 percent as of May 1, 2012 and 11.66 percent as of early June 2011.

The average rate on individual clients' deposits in foreign currency amounted to 11.21 percent compared to 11.16 percent and 11.5 percent respectively.

As of early June, the average rate on legal entities' deposits in manat was 6.12 percent compared to 5.84 percent as of May 1, 2012 and 6.24 percent as of June 1, 2011.

The average rate on corporate clients' deposits in foreign currency was 5.27 percent compared to 6.57 percent and 7.88 percent respectively

Financial activity of banks

The number of banks operating with a profit hit 36 units in Azerbaijan in May 2012, remaining unchanged compared to April 2012 and increasing by 2 units compared to May 2011.

According to the CBA, the total profit of the banking system in May totaled 118.95 million manat or 44.74 percent more than the corresponding figure for April 2012 and 52.95 percent compared to May 2011.

The number of unprofitable banks didn't change compared to Arpil 2012 and decreased by two units to 8 compared to May 2011. Despite this, the loss of eight banks amounted to 65.79 million manat, or 4 percent less compared to April 2012 and 4.36 times more compared to May 2011.

Financial outcome of the banks' activity (after paying taxes) mln manat:

periods

Number of banks, operating with profit

Total profit of the banking system (in profitable banks)

Number of banks, operating with loss

Total loss of the banking system (in unprofitable banks)

Total profit (+) or loss (-), received by banks

June 1, 2011

34

77,77

10

15,09

62,68

June 1, 2012

36

118,95

8

65,79

53,16

The capitalization of the Azerbaijani banking sector increased by 1.49 percent in May 2012, and decreased by 2.73 per cent compared to May 2011. The figure hit 2.187.2 billion manat as of June 1.

According to the CBA, the number of banks with capital exceeding ten million manat hit 42 units as of May and remained unchanged compared to the previous month. The figure increased by one compared to May 2011.

The share of this category of banks in the total capital of all banks in the country in May was 99.5 percent as in April and compared to 98.9 per cent as of June 1, 2011.

At present, two banks do not comply with the CBA requirements in terms of capitalization [minimum capital must hit 10 million manat]. The capital of one bank (with a share of 0.3 per cent) is formed in the range of 5-10 million manat, other (0.2 percent) - from 3.5 million manat to 5 million manat.

According to the Azerbaijani Central Bank, as of June 1, 2012 the assets of banks amounted to 14.82 billion manat compared to 12.97 billion manat compared to the same period of last year.

During the year the bank assets increased by 14.26 percent. The total liabilities of the banking sector hit 14.820.93 billion manat.

The basis of the banking sector's assets consisted of loans given to customers amounting to 9.412.4 billion manat (increased by 15.6 percent per year), investments (1.294.5 billion manat with growth of 2.58 per cent) and funds on correspondent accounts (1.375.8 billion manat with growth of 22.73 per cent). Loans and deposits given to financial sector amounted to 585.4 million manat (with growth of 5.06 per cent).

In the structure of liabilities the bulk is deposits (7.119.9 billion manat as of June 1, 2012), increasing by 28.29 percent over the same period last year. Loans and deposits received from the financial sector, amounted to 4.429.7 billion manat, increasing by 3.26 percent.

There are 44 banks in Azerbaijan.

Stock market

The total turnover of transactions on all trading areas of the Baku Stock Exchange (BSE) in January - June 2012 amounted to 5.748 billion manat, increasing by 54.3 percent compared to the same period in 2011.

Such an increase in the stock market is provided due to increase in the market of government securities by 63.62 percent, while corporate securities market decreased by 49.08 percent.

The government securities market reached 5.59 billion manat. It is due to increase in repo transactions by 80.78 percent and increase in transactions with Central Bank notes by 25.25 percent.

Reducing of the corporate securities market, which volume amounted to 156.2 million manat in January-June is due to decrease of transactions in corporate bonds by over half.

Comparative table on the end of trading on the BSE in the corporate sector (January - June 2012):

Market segments

30.06.2012

30.06.2011

Percentage ratio

The volume of transactions,

AZN

The number of transactions

The volume of transactions

AZN

The number of transactions

Corporate bonds (placement)

32 185 335,00

53

72 080 584,00

48

44,65%

Corporate bonds (secondary market)

83 782 802,71

32

176 689 238,85

49

47,42%

Shares (placement)

35 451 602,55

47

53 549 232,00

81

66,20%

Shares (secondary market)

4 780 883,77

1 810

4 455 273,50

1 624

107,31%

The market of corporate securities, the amount of

156 200 624,03

1 942

306 774 328,35

1 802

50,92%

Comparative table on the end of trading on the BSE on the government sector (Jan - June 2012)

Market segments

30.06.2012

30.06.2011

Percentage ratio

The volume of transactions,

AZN

The number of transactions

The volume of transactions,

AZN

The number of transactions

GB Ministry of Finance - (placement)

35 753 471,07

15

173 869 168,77

103

20,56%

GB Ministry of Finance (secondary market)

1 325 851,92

2

20 224 687,58

20

6,56%

Notes (CBA) - (placement)

604 249 270,36

145

482 453 357,93

172

125,25%

Notes (CBA) - (secondary market)

12 486 939,02

8

9 555 687,77

5

130,68%

Repo transactions

4 938 350 331,89

659

2731753699,47

605

180,78%

Market for government securities, total

5 592 165 864,26

829

3417856601,52

905

163,62%

Abbreviations:
- GB - government bonds,

- GS - government securities,

- CB - corporate bonds,

- CS - corporate securities.

The National Depository Center of Azerbaijan has reported turnover growth of the stock market in June 2012. The phenomenal growth rates were registered in 2011, when turnover of the securities market in the country was 4.69 times higher than the turnover for 2010.

According to NDC, in June 2012 the country had concluded 371 deals with securities with par value of 61.4 million manat compared to 416 deals with securities at 53.5 million manat in May. Turnover for 2012 so far is 230.3 million manat at 2,326 transactions.

In June, 26 deals on placement of shares at 12.327.126 million manat, 330 exchange transactions at 48.163.202 million manat and 15 OTC deals at 903,504 manat were concluded. In January-June placement amounted to 89.844.072 million manat on 103 transactions, OTC - 42.897.4 million manat on 374 transactions, stock transactions - 85.962.100 million manat on 1,781 transactions.

Payment card market in Azerbaijan

As of June 1, 2012 there were 4.81 million payment cards in Azerbaijan which indicates an increase in their number in circulation in May by 1.2 per cent and compared to the same period in 2011 - by 9.62 per cent.

Total turnover for payment cards through ATMs and POS terminals in May amounted to 740 million manat, and the total number of operations was 5.051 million units. The number of debit card transactions amounted to 4.717 million units worth 657 million manat.

Of the total number of debit card transactions, 4.162 million operations worth 620 million manat were carried out. About 398,000 transactions worth 22 million manat were carried out through POS-terminals.

Some 334,000 transactions worth 84 million manat were carried out on credit card in May 2012.

Of the total number of credit card transactions, 118,000 operations worth 35 million manat were carried out through ATMs, and through POS-terminals 68,000 transactions worth 20 million manat.

As of June 1, 2012, there were 2,216 ATMs in the country. As many 1,230 ATMs are located in Baku, 986 in other cities and regions of the country. Their total number increased by 256 units, or 13.06 per cent per year.

As of June 1, 2012 the number of POS-terminals totaled 37,194 units, of which 34,038 are located in Baku and 3,156 units in other cities and regions. Their total number since May 2011 increased by 10,095 units, or by 3.68 times.

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Kazakhstan boosts mutual trade with Germany amid COVID-19
Ukrainian companies eye creating logistics center in Turkmenistan’s seaport
Chip shortage leads Japan automakers to post 4.5% slump in January global output
Georgia sees decrease in COVID-19 cases
Direct impacts of COVID-19 on gas market to be evident through to 2030
Baku Higher Oil School, Stockholm University to start training cybersecurity specialists
Aston Martin expects better 2021 sales after deep losses
Kazakhstan's expenses for importing Turkey-made steel grow in Jan.2021
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