Review of monetary sector in Azerbaijan (January-November 2013)

As of December 1, 2013, the amount of foreign exchange reserves of the Azerbaijani Central Bank (CBA) reached $13.742.5 billion (an absolute record) compared to $13.584.1 billion as of Nov. 1 and $11.694.8 billion as of early 2013.

According to the bank's plans, the foreign exchange reserves must reach $14.5 billion as of 2013.

In November, CBA delayed fulfillment of a regulatory requirement for capitalization for a year. Thus, the Azerbaijani banks, which did not fulfill the central bank's requirement on capitalization on January 1, 2014, will have the opportunity for bringing the capital to the required level by late 2014. This requirement on capitalization was a response to the events associated with the global economic crisis.

Azerbaijani banks, which can not fulfill the central bank's new capital requirement must submit their individual programs to increase the capitalization until January 15, 2014.

The total amount of the bank capital has been increased by 48 percent (by one billion manat) - to 3.2 billion manat for the last 15 months since CBA announced a new regulatory requirement for the banks' capitalization. The adequacy of the banking system capital increased by three percentage points - to 17.3 percent. This index exceeds the requirement of international standards twice, while CBA's minimum standard - by five percentage points.

"The banks' successful adaptation to the new requirement on capitalization once again confirms the investment attractiveness of the sector, its credibility, the potential of financial stability and sustainability," the central bank said. "A new level of capitalization has greatly expanded the banks' opportunities to deliver loans and ensure financial services of the economy, including the real sector and the population. As a result of increasing the competition in the banking sector and using efficiency, this can play an important role in reducing the cost of banking services and products."

Currency market and manat rate

The Central Bank of Azerbaijan has purchased foreign currency worth $2 billion on the currency market this year to prevent further appreciation of the manat.

Manat rate for the period remained stable. It was possible to prevent rapid appreciation of the national currency when the surplus of the balance of payments is more than 16 percent of GDP and high fiscal activity. Today Azerbaijan manat is the most stable and reliable currency in the region.

The manat rate compared to the U.S. dollar appreciated by 0.038 percent in January -November 2013. The stability of the national currency had a positive impact on the sustainability of the financial sector. Manat appreciated nominally and really compared to the currencies of Great Britain, Turkey, Russia, Ukraine, Georgia, Iran and Japan during the reporting period.

It should be stressed that the high volatility of the dynamics was characterized for EUR / AZN exchange rate in Jan.-Nov. During this period, the euro exchange rate in Azerbaijan increased by 4.4 percent (from 1.0229 manat per euro to 1.0679 manat per euro).

Foreign exchange market

The total trading volume in the currency section on USD / AZN totaled 31.343 million manat or $39.960 million in November 2013.

Seven banks held 15 transactions at 40 trading sessions in Bourse E-System of Trades (BEST) in November 2013.

The trading volume in the currency section increased by 1.6 times or 12.094 million manat in November compared to October.

The average daily turnover in the exchange electronic trading system on USD / AZN in November reached about $1.998 million, while the average amount of each transaction was $2.664 million.

The exchange rate of national currency on USD / AZN_TOD in the reporting month remained unchanged - 0.7835 manat per USD. The average rate of the U.S. dollar compared to manat hit 0.7843 manat per $1 in November 2013.

The average monthly interest rate calculated on the basis of the applications of banks-market makers for BakIBOR loans up to 90 days in November 2013 amounted to 10.64 percent per annum in manat and 11.02 percent per annum in U.S. dollars. The rate on BakIBID up to 90 days was 5.08 percent per annum in manat and 4.91 percent in U.S. dollars.

Azerbaijani monetary market

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

The Azerbaijani Central Bank stressed an increase in all units of the money supply as of January-November 2013 compared to the same period of 2012. This is a result of the influence of two factors: the increase in the quantity of money in circulation and the rate of their turnover.

As of January-November 2013, 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) increased by 20.3 percent compared to the same period of 2012.

According to the Central Bank of Azerbaijan (CBA), as of 11 months of 2013, the rate of M2 was 15.214.2 billion manat compared to 12.649.6 billion manat in the same period of 2012.

The amount of cash money supply (M0) increased by 17.5 percent and amounted to 9.849.4 billion manat compared to 8.383.6 billion manat in Jan.-Nov. 2012.

As of January-November 2013, Broad Money Supply (M3) totaled 18.289.2 billion manat or 15.84 percent more compared to the same period of 2012 (15.787.7 billion manat).

The transaction money (M1) increased by 18.5 percent and amounted to 11.968.6 billion manat compared to 10.100.5 billion manat in January-November 2012.

Parameters of monetary market, in million manat:

Amount as of Dec.1, 2013

Money mass in extensive understating (М3)

18289.2

Money mass on manat (М2)

15214.2

Cash in manat (М0)

9849.4

Non-cash in manat

5364.8

The monetary base in Azerbaijan demonstrated a steady growth in January-November 2013 and as of December, the expanded monetary base in the country amounted to 10.895.6 billion manat.

According to the Central Bank of Azerbaijan (CBA), the monetary base increased 15.6 percent in a year. For comparison, this figure amounted to 9.427.3 billion manat in the first 11 months of 2012.

According to the CBA, as of December 1, 2013, the monetary base in manat amounted to 10.787.7 billion manat compared to 9.346 billion manat as of December 1, 2012.

During the reporting period, the volume of money in circulation amounted to 10.372.8 billion manat, while as of December 1, 2012, this figure was 8.826.3 billion manat.

In turn, bank reserves were equal to 500.3 million manat, which is 13.6 percent less than the 579 million manat in November 2012.

The ratio of cash money mass in circulation to the monetary base amounted to 95.2 percent as of December 1, 2013 compared to 93.6 percent as of December 1, 2012.

Azerbaijan's loan market

Azerbaijani banks have increased lending to the economy by 24.51 percent in January-November 2013 and by 29.96 percent per annum.

According to the Azerbaijani Central Bank, for the reporting period, the banks delivered loans totaling 15.245.3 billion manat including 10.926.6 billion manat (71.67 percent) in national currency and 4.318.7 billion manat (28.33 percent) in freely convertible currency.

For comparison, the figure was equal to 11.730.5 billion manat (8.008.3 billion manat in national currency and 3.722.2 billion manat in freely convertible currency) in January-November 2012, while as of early 2013, the figure was 12.243.7 billion manat (8.422.8 billion manat in the national currency and 3.820.9 billion manat in freely convertible currency.

Of the total portfolio, loans worth 795 million manat (5.21 percent) were overdue compared to 761.1 million manat as of January-November 2012. Statistics of overdue loans do not include similar loans of the non-banking credit institution Aqrarkredit. Overdue loans increased by 4.45 percent in a year.

Short term loans amounted to 3.419.4 billion manat including overdue loans worth 366.6 million manat, compared to 3.237.2 billion manat including overdue loans worth 415.9 million manat, as of the same period of 2012. Short term credit in the economy increased 5.6 percent in a year. As of early December 2013, 29.83 percent of short term loans were in freely convertible currency (1.020.2 billion manat).

As of December 1, long term loans amounted to 11.825.9 billion manat including 428.4 million manat in overdue loans, compared to 8.493.3 billion manat including 345.2 million manat overdue loans as of January-November 2012. Long term loans increased 39.24 percent in a year. As of early December 2013, 27.9 percent of long term loans accounted for freely convertible currency (3.298.5 billion manat).

According to the CBA, the credit portfolio of the only state bank in the country, the International Bank of Azerbaijan, hit 5.217 billion manat with a specific weight of 34.2 percent, while private banks issued loans worth 9.595.2 billion manat with a specific weight of 62.9 percent. The remaining 2.8 percent fell to the share of non-bank credit organizations. They issued 433.1 million manat.

Most of all loans are granted to households in Azerbaijan. According to the CBA, as of January-November 2013, households received 39.6 percent or 6.035.2 billion manat.

The construction and real estate sector (15.5 percent or 2.360.4 billion manat) ranks second, the trade and services (14.7 percent or 2.243.8 billion manat) ranks third.

It should be stressed that industrial and production sector received 9.6 percent of the total lending amount of the Azerbaijani real sector, which hits 1.461.2 billion manat in nominal terms.

Some 3.3 percent (500.9 million manat) fall to the transport and communication, 4.8 percent (734.1 million manat) - agriculture and processing, 2 percent (299.2 million manat) - energy, chemistry, and natural resources, 10.5 percent or 1.600.7 billion manat loans - on the other spheres.

The loans, delivered to the population in Azerbaijan's regions, amounted to 2.031.9 billion manat in January-November 2013, or 13.32 percent of the total loan portfolio of banks, Central Bank of Azerbaijan (CBA) said.

According to the CBA, in Baku this figure amounted to 13.213.3 billion manat, where the loans in the national currency accounted for 9.375.6 billion manat. As of December 1, 2013 the average interest rate on loans in the country was 14.2 percent, and in Baku - 13.4 percent.

The crediting volume in Absheron economic region amounted to 448.69 million manat at an average rate of 18.8 percent, in Aran - 719.18 million manat at a rate of 20.0 percent, in Mountain-Shirvan - 71.3 million manat at a rate of 22.2 percent, in Ganja - Gazakh - 264.7 million manat - 20.6 percent, in Guba-Khachmaz - 76.8 million manat - 20.9 percent, in Lankaran - 210.4 million manat - 21.8 percent, in Sheki-Zagatala - 101.9 million manat - 20.9 percent, in Upper Karabakh - 40.5 million manat - 15.1 percent, in Kalbajar-Lachin - 14.9 million manat - 22.2 percent, in Nakhchivan - 83.4 million manat - 15.6 percent.

As of December 1, 2013, the Azerbaijani banks reduced interest rates on loans in local and foreign currencies as compared to the figures for the same period of 2012.

According to the Central Bank of Azerbaijan (CBA), the average rate on bank lending to the economy of Azerbaijan in national currency amounted to 14.44 percent compared to 15.14 percent as of December 1, 2012. The average rate on bank lending in freely convertible currency was 14.52 percent compared to 15.62 percent as of early December 2012.

As of December 1, 2013 the average rate on bank lending to legal entities in national currency amounted to 11.57 percent compared to 13.06 percent as of December 1, 2012. The average rate on bank loans to corporate clients in freely convertible currency was 10.89 percent compared to 12.81 percent in early December 2012.

As of December 1, 2013 the average rate on bank lending to individuals in national currency amounted to 18.34 percent compared to 18.37 percent as of December 1, 2012. The average rate on bank loans to individual clients in freely convertible currency was 20.75 percent compared to 21.83 percent in early December 2012.

Azerbaijan's banking sector

As of January-November 2013, the depositary base of Azerbaijani banks increased by 16.2 percent and by 19.4 percent per annum, the Azerbaijani Central Bank's (CBA) statistics report said.

According to the CBA, as of December 1, the total amount of bank deposits and deposits of physical and legal entities totaled 12.432.7 billion manat compared to 10.409.9 billion manat in the same period of 2012 and 10.699.2 billion manat as of early 2013.

Around 6.197.8 billion manat fell to cash in manat, of which 2.229.9 billion manat - demand deposits, 3.967.9 billion manat - term deposits. The funds in foreign currency amounted to 6.234.9 billion manat (1.716.4 billion manat and 4.518.5 billion manat, respectively).

Compared to the same period of 2012, deposits of physical entities increased by 34.8 percent, while the volume of legal entities' deposits slightly increased by 6.48 percent.

As of Jan.-Nov. 2013, the volume of physical entities' deposits in the banks amounted 6.419.6 billion manat compared to 4.763 billion manat in the same period of 2012.

According to the Central Bank, around 3.955.5 billion (61.6 percent) of the population's funds were placed in the national currency - manat, while 2.464.1 billion manat - in freely convertible currency.

The Azerbaijani population's deposits in the national currency in the banks prevailed those in foreign currency in 2013. For comparison, around 2.804.6 billion manat of the population's funds were placed in the national currency - manat, while 1.958.4 billion manat - in freely convertible currency in the first eleven months of 2012.

The population's deposits, attracted to Azerbaijan's banking system from the country's regions (except for the capital Baku), stood at 475.6 million manat (or at 7.4 percent of total bank deposits) in January-November 2013.

In Baku the volume of deposits stood at 5.943.9 billion manat, while the deposits in national currency accounted for 3.586.5 billion manat, according to the statistics report from the Central Bank of Azerbaijan (CBA). The average interest rate in the country totalled eight percent. In Baku the average interest rate during the reporting period stood at 8.1 percent.

The amount of deposits in Absheron economic region totalled 151.2 million manat at an average rate of nine percent, Aran economic region - 135.9 million manat at a rate of 7.4 percent, Mountain-Shirvan - 14.1 million manat - six percent, Ganja-Gazakh - 53.1 million manat - 5.4 percent, Guba-Khachmaz - 18.2 million manat - 6.2 percent, Lankaran - 41.2 million manat - 7.5 percent, Sheki-Zagatala - 20.8 million manat - 5.5 percent, Upper Karabakh - 11.6 million manat - 4.3 percent, Kalbajar-Lachin - 7.4 million manat - 4.7 percent, Nakhchivan - 21.7 million manat at an average rate of 3.2 percent.

As of January-November 2013, the volume of deposits of financial institutions amounted 3.250.1 billion manat compared to 2.752.3 billion manat in the same period of 2012.

The volume of deposits of non-financial institutions totaled 2.762.9 billion manat compared to 2.894.6 billion manat as of 11 months of 2012.

Total deposits of legal entities totaled 6.013 billion manat compared to 5.646.9 billion manat in the same period of 2012.

As of December 1, 2013, Azerbaijani banks slightly reduced the rate on deposits in manat and in freely convertible currency, a statistical report of the Central Bank of Azerbaijan (CBA) said.

According to CBA, the average rate on deposits in manat as of December 1, 2013 was 9.51 percent compared to 10.04 percent as of December 1, 2012. The average rate on deposits in foreign currency amounted to 9.7 percent compared to 10.2 percent as of early December 2012.

As of December 1, 2013, the average rate on individuals' deposits in manat was 9.87 percent compared to 10.37 percent as of December 1, 2012. The average rate on individual clients' deposits in foreign currency amounted to 10.30 percent compared to 10.84 percent as of early December 2012.

According to the report, as of early December 2013, the average rate on legal entities' deposits in manat was 6.04 percent compared to 6.74 percent as of December 1, 2012.

The average rate on corporate clients' deposits in foreign currency was 3.08 percent compared to 3.76 percent as of early December 2012.

Banks' financial activity

The activity of Latvian Parex Banka's office stopped in Azerbaijan. The reason is the Latvian bank's own desire. As a result, the total number of representative offices of foreign banks in the country reduced to four.

The Azerbaijani Central Bank (CBA) stressed exceeding the total profit of profitable banks over the total loss of unprofitable banks by 27.25 times as of January-November 2013, the Azerbaijani Central Bank's statistics report said.

According to the report, 38 banks' profit hit 346.89 million manat, and losses of 5 banks - 12.73 million manat. This allowed the banking system to earn 334.16 million manat of net profit.

The number of profitable banks increased by 3, while the total profit of the sector increased by 41.9 percent compared to the same period of 2012. The number of unprofitable banks decreased from 8 to 5 and the total loss reduced by 7.33 times.

The number of profitable banks remained unchanged, while the total profit of the sector increased by 15.9 percent compared to the previous month of 2013. The number of unprofitable banks remained unchanged and the total loss decreased by 5.98 percent.

It should be stressed that the maximum rate of profit of the banking system to the amount of 346.89 million manat was reached during the period. This broke the record , which was recorded in 2009 at the level of 269.57 million manat. But as opposed to this period, the profit was reached as a result of 39 banks' activity in 2009.

As of November 2013, there was the largest net profit worth 334.16 million manat. Earlier, net profit received by the banks in 2009 - 252.98 million manat was the best result for this index.

Financial results of banks' activity (after tax payment) in million manat:

Period

Number of profitable banks

The total profit of the banking system (profitable banks)

Number of unprofitable banks

The total loss of the banking system (unprofitable banks)

Total profit (+) or loss (-) obtained by banks

Dec.1,2012

35

244,44

8

-93,31

151,13

Dec.1,2013

38

346,89

5

- 12,73

334,16

The capitalization of Azerbaijan's banking sector increased by 34.4 percent in January-November 2013 compared to the same period of 2012 and amounted to 3.32 billion manat as of Dec.1.

According to the Central Bank of Azerbaijan (CBA), the number of banks with over 10 million manat worth of capital was 41 as of the reporting period, while in January-November 2012, their number was equal to 40. The specific weight of this category in the total volume of capital of all the country's banks amounted to 99.8 percent as of the reporting period.

The banks with capital ranging from five million manat to 10 million manat were absent in early 2013, while there was one such bank in the county's banking market as of November 2012.

There were two banks with capital ranging from 3.5 million manat to five million manat as of the reporting period. The specific weight of this category in the total volume of capital of all the country's banks amounted to 0.2 percent as of the reporting period.

As of December 1, 2013, the assets of the Azerbaijani banking sector amounted to 20.183.56 billion manat compared to 15.868.42 billion manat in the same period of 2012.
The bank assets increased by 27.19 percent per year, 2.96 percent in November and by 22.1 percent since the beginning of the year, according to the Central Bank of Azerbaijan's report.

The basis of the assets of the banking sector (69.2 percent) accounted for loans delivered to the clients to the sum of 13.962.8 billion manat (a 33.06 percent increase per year), investments (1.622.2 billion manat with a 12.94 percent increase) and funds on correspondent accounts (1.138.3 billion manat with an increase of 5.35 percent).

Loans and deposits to the financial sector amounted to 895.9 million manat with a growth of 21.66 percent.

The lion share in the structure of liabilities accounts for deposits standing at 8.892.6 billion manat as of December 1, 2013, showing an increase of 19.7 percent compared to the same period 2012. Loans and deposits from the financial sector amounted to 6.738.6 billion manat, increasing by 38 percent.

Payment card market

The number of payment cards in Azerbaijan slightly reduced by 2.8 percent to 5.515 million in November 2013 compared to October 2013, the Azerbaijani Central Bank said today.

However their number increased by 8.8 percent compared to the same period of 2012.

The total turnover on payment cards via ATMs and POS-terminals amounted to 923 million manat and the total number of transactions to 6.012 million units in November, according to the report.

The number of transactions on debit cards equalled 4.85 million units to the sum of 743 million manat.

Around 4.035 million transactions amounting to 672 million manat of the total number of transactions on debit cards were implemented via ATMs within the country and around 562,000 transactions amounting to 53 million manat via POS-terminals.

At least 1155 transactions worth 180 million manat were implemented on credit cards in November 2013.

As many as 339,000 transactions amounting to 78 million manat of the total number of transactions on credit cards were implemented via ATMs and there were 603,000 transactions amounting to 40 million manat via POS-terminals, the report said.

As of December 1, 2013, around 2411 ATMs operated in the country of which 1360 are located in Baku and 1051 in other cities and regions of the country. Their total number increased by 171 units or 7.6 percent per year.

The number of POS-terminals amounted to 33,301 units of which 29,101 are installed in Baku and 4200 units in other cities and regions as of December 1, 2013.

The number of POS-terminals has decreased by 3181 units or by 8.8 percent compared to November 2012.

Stock market

The total turnover of transactions on all instruments on the Baku Stock Exchange (BSE) in January-November 2013 totalled 7.041 billion manat, or 18.42 percent less compared to the same period of 2012.

Such a reduction in the country's stock market caused by the decrease in the state securities market by 24.18 percent took place while the corporate securities market increased by 41 percent.

The volume of the state securities market exceeded 5.965 billion manat in January-November and the volume of corporate securities hit 1.076 billion manat.

Comparative table on the results of trade in the corporate sector at the BSE (January-November 2013):

Market segments

30.11.2013

30.11.2012

Percentage ratio

Volume of transactions. AZN

Number of deals

Volume of transactions. AZN

Number of deals

Corporate bonds- (placement)

109 180 822.74

80

37 635 335.00

73

290.10 %

Corporate bonds - (secondary market)

564 904 018.96

175

325 946 685.47

114

173.31%

Stocks - (placement)

385 204 033.69

319

387 479 137.24

227

99.41%

Stocks -(secondary market)

16 747 181.43

3 162

12 092 680.40

3 084

138.49%

CS Market Total

1 076 036 056.82

3 736

763 153 838.11

3 498

141.00%

Comparative table on the results of trade in the state sector at the BSE (January-November 2013):

Market segments

30.11.2013

30.11.2012

Percentage ratio

Volume of transactions. AZN

Number of deals

Volume of transactions. AZN

Number of deals

GB - (AR MF) (placement)

88 647 421.58

46

98 537 112.31

56

89.96 %

GB - (AR MF) (secondary market)

30 535 228.09

12

21 029 020.89

19

145.21 %

Notes (AR CB) - (placement)

279 845 254.59

100

811 733 044.92

209

34.48 %

Notes (AR CB) - (secondary market)

43 955 612.02

4

138 209 486.82

26

31.80 %

Repo operations

5 522 177 626.66

503

6 798 310 399.70

938

81.23 %

CS Market Total

5 965 161 142.94

584

7 867 819 064.64

1 248

75.82 %

Abbreviations:

- GB - government bonds,

- GS - government securities,

- CB - corporate bonds

- CSC- corporate securities

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