Review of monetary sector in Azerbaijan (January-March 2014)

The volume of currency reserves of the Azerbaijani Central Bank (CBA) totaled $14.715 billion as of the first quarter of 2014.

CBA's currency reserves have increased by 19.32 percent, or $2.38 billion in a year. By comparison, the bank's currency reserves were equal to $12.33 billion as of the first quarter of 2013.

The regulator plans to bring the volume of its reserves to $16 billion by late 2014, CBA Deputy Chairman Avtandil Babayev earlier told Trend.

"However, our aim is not to increase the volume of reserves, but their stability," Babayev said.

Currency market and manat rate

The volume of currency interventions of the CBA hit $536 million in the first quarter of this year.

""This is a normal level. It is necessary to take into account that we have sufficient current account surplus worth $ 12 billion in 2013. We hope that it will remain at approximately the same level by the end of this year, as export volumes are large enough," the CBA said.

The supply in the currency market continues to outpace demand. The volume of currency intervention will hit about $ 1.5-2 billion as of 2014 according to CBA forecasts

The manat rate has again showed its stability compared to the U.S. dollar since early 2014. The manat rate compared to the U.S. dollar appreciated by two points in the first quarter of 2014, amounting to 0.7843 manat per dollar as of the reporting period.

The euro rate appreciated compared to the manat by 0.85 percent as distinct from the U.S. dollar in the first quarter of 2014. Thus, in Jan.-March the euro rose from 1.0625 manat to 1.0782 manat per euro. However, it should be stressed that EUR / AZN exchange rate was characterized by strong volatility of dynamics compared to the dollar.

Foreign exchange market

The total trading volume in the currency section on USD / AZN totaled 24.41 million manat or $31.122 million in Bourse E-System of Trades (BEST) at Baku Interbank Currency Exchange (BBVB) in March 2014.

Six banks held 12 transactions at 30 trading sessions in Bourse E-System of Trades (BEST).

The trading volume in the currency section increased by 3.28 million manat or 16 percent in March compared to February.

The average daily turnover in the exchange electronic trading system on USD / AZN in March 2014 reached about $2.075 million, while the average amount of each transaction was $2.594 million.

The exchange rate of national currency on USD / AZN_TOD in the reporting month remained unchanged: 0.7830 manat per USD. The average rate of the U.S. dollar compared to manat hit 0.7843 manat per $1 in March.

The average monthly interest rate calculated on the basis of the applications of banks-market makers for BakIBOR loans up to 90 days in March amounted to 10.21 percent per annum in manat and 10.52 percent per annum in U.S. dollars. The rate on BakIBID up to 90 days was 5.18 percent per annum in manat and 5.04 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.

In the first quarter of 2014, the money supply rate (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 16.86 percent compared to the first quarter of 2013.

The money supply rate (M2) amounted to 16.132.3 billion manat as of March 2014 compared to 13.804.9 billion manat as of March 2013, according to the data of the Azerbaijani Central Bank.

The amount of cash money supply (M0) increased by 10.6 percent and amounted to 9.953.6 billion manat compared to 8.999.2 billion manat as of early April 2013

As of January-March 2014, Broad Money Supply (M3) totaled 1.937.7 billion manat or 14.9 percent more compared to January-March 2013 (16.863.7 billion manat).

The transaction money (M1) increased by 12 percent per year and amounted to 12.300.5 billion manat compared to 10.982.8 billion manat as of March 2013.

Parameters of monetary market, in million manat:

Amount, as of April 1, 2014

Money mass in extensive understating (М3)

19377

Money mass on manat (М2)

16132,3

Cash in manat (М0)

9953,6

Non-cash in manat

6178,7

The expanded monetary base in the country amounted to 11.205.6 billion manat as of April 1.

The monetary base increased by 8.9 percent per annum, according to the Central Bank of Azerbaijan (CBA). By comparison, this figure amounted to 10.280.4 billion manat as of March 2013.

As of April 1, 2014, the monetary base in manat amounted to 11.107.1 billion manat compared to 10.195.1 billion manat as of April 1, 2013.

During the reporting period the volume of money in circulation amounted to 10.676.7 billion manat, while as of April 1, 2013, this figure was 9.604.7 billion manat.

The ratio of cash money mass in circulation to the monetary base amounted to 95.3 percent as of April 1, 2014 compared to 93.4 percent as of April 1, 2013.

In turn, bank reserves were equal to 519.4 million manat which is 20.9 percent less than in March 2013 (656.6 million manat).

Azerbaijan's loan market

Azerbaijani banks increased lending to the economy by 28.03 percent in the first quarter of 2014.

The banks delivered loans totaling 15.941.2 billion manat including 11.503.2 billion manat (72.16 percent) in national currency and 4.438 billion manat (27.84 percent) in freely convertible currency for the reporting period, according to the statistical report of Azerbaijani Central Bank.

By comparison, the figure was equal to 12.451.1 billion manat (8.592.9 billion manat in national currency and 3.858.2 billion manat in freely convertible currency) in Jan.-March 2013.

Of the total portfolio, loans worth 853.7 million manat (5.35 percent) were overdue compared to 760.8 million manat (6.11 percent) as of Jan.-March 2013. Statistics of overdue loans does not include similar loans of the non-banking credit institution Aqrarkredit. Overdue loans increased by 12.21 percent in a year.

Short term loans amounted to 3.544.2 billion manat including overdue loans worth 388.8 million manat compared to 3.096.7 billion manat including overdue loans worth 376.8 million manat as of the first quarter of 2013. The volume of short term loans in the economy increased by 14.45 percent in a year.

As of Jan.-March 2014, the volume of long term loans amounted to 12.397 billion manat including 464.9 million manat in overdue loans compared to 9.354.4 billion manat including 383.9 million manat of overdue loans as of March 2013. The long term loans have increased by 32.52 percent in a year.

The credit portfolio of the only state bank in the country, the International Bank of Azerbaijan, hit 5.416.2 billion manat with a specific weight of 34 percent, while private banks issued loans worth 10.010.8 billion manat with a specific weight of 62.8 percent. The remaining 3.2 percent fell to the share of non-bank credit organizations. They issued 514.2 million manat, according to the CBA.

Most of all loans are granted to households in Azerbaijan. As of Jan.-March 2014, households received 40.8 percent or 6.510.2 billion manat, according to the CBA.

The trade and service sector (14.3 percent or 2.272.8 billion manat) ranks second, the construction and real estate sector (13.1 percent or 2.095.9 billion manat) ranks third.

The industrial and production sector received 11.5 percent of the total lending amount of the Azerbaijani real sector, which hits 1.830.6 billion manat in nominal terms. It should be stressed that this sector obtained a great volume of lending in connection with the announcement of 2014 as the Year of Industry. By comparison, as of 2013, the industrial sector received only 9.8 percent of the total volume of loans in the country's economy.

Some 3.6 percent (579.2 million manat) fall to the transport and communication, 4.7 percent (741.5 million manat) - agriculture and processing, 1.8 percent (286.9 million manat) - energy and natural resources, 10.2 percent or 1.626 billion manat loans - on the other spheres.

The loans, delivered to the population in Azerbaijan's regions, amounted to 2.500.87 billion manat in the first quarter of 2014, or 15.7 percent of the total loan portfolio of banks.

In Baku this figure amounted to 13.440.3 billion manat, where the loans in the national currency accounted for 9.543.8 billion manat, according to CBA. As of March 2014, the average interest rate on loans in the country was 14.5 percent, and in Baku - 13.4 percent.

The crediting volume in Absheron economic region amounted to 477.54 million manat at an average rate of 19 percent, in Aran - 835.45 million manat at a rate of 21.4 percent, in Mountain-Shirvan - 100.96 million manat at a rate of 22.8 percent, in Ganja - Gazakh - 317.7 million manat - 21.2 percent, in Guba-Khachmaz - 97.8 million manat - 22 percent, in Lankaran - 351.3 million manat - 20.7 percent, in Sheki-Zagatala - 143.4 million manat - 20.3 percent, in Upper Karabakh - 58.3 million manat - 20.8 percent, in Kalbajar-Lachin - 26.45 million manat - 23.9 percent, in Nakhchivan - 91.42 million manat - 15.1 percent.

As of April 1, 2014, the Azerbaijani banks reduced interest rates on loans in local and foreign currencies compared to April 1, 2013.

The average rate on bank lending to the economy in national currency totaled 14.45 percent, compared to 14.85 percent as of April 1, 2013, according to a statistical report from the Central Bank of Azerbaijan (CBA). The average rate on bank lending in freely convertible currency was 14.79 percent compared to 15.30 percent in early April 2013.

As of April 1, 2014, the average rate on bank lending to legal entities in national currency amounted to 11.57 percent compared to 12.35 percent as of April 1, 2013. The average rate on bank lending of corporate clients in freely convertible currency was 10.97 percent compared to 12.45 percent in early April 2013.

As of April 1, 2014, the average rate on bank lending to physical entities in national currency was 17.9 percent compared to 18.61 percent as of early April 1, 2013. The average rate on bank loans to individual customers in freely convertible currency was 20.38 percent compared to 21.6 percent in early April 2013.

Mortgage lending

Azerbaijan's authorized banks have issued 14,236 mortgage loans since the beginning of the Azerbaijan Mortgage Fund's (AMF) activity under the Central Bank. Some 2,651 loans were issued as part of the social mortgage.

The table shows the top 10 Azerbaijani banks in terms of the number of issued refinanced mortgage loans.

Name of bank:

Number of loans:

AG Bank

1026

Demirbank

1003

Bank Standard

986

Xalq Bank

972

Zaminbank

950

Bank Technique

879

Muganbank

835

Unibank

736

Bank Respublika

672

Ata Bank

423

Total:

8 482

In the first quarter of 2014, the Azerbaijan Mortgage Fund (AMF) under the Central Bank delivered loans amounting to 25.85 million manats. This increased the total volume of housing finance to 456.75 million manats.

The total amount of refinancing the loans issued by the banks previously amounted to 14.83 million manats in the first quarter. AMF has placed bonds worth 315 million manat since the beginning of the mortgage lending.

Some 38 percent of the total volume of loans issued through the AMF fell to citizens employed in the public sector.

Employees of private enterprises and firms rank second (23 percent), approximately the same volume of mortgage loans (22 percent of the total volume) was issued to employees of the financial sector. Some 17 percent of the housing purchased with mortgage loans fell to the citizens employed in the oil sector.

Some 186 million manats were allocated from the state budget to finance the social mortgage. Some 266 loans worth 11.02 million manats were issued at the preferential terms in the first quarter.

Currently, the maximum amount of a common mortgage loan through the AMF is 50,000 manats at a rate of eight percent with a payback period of 25 years. Terms under the social mortgage are 50,000 manats at an annual rate of four percent with a payback period of 30 years. The initial payment under the social mortgage is 15 percent, whilst the conventional loan is 20 percent.

Conditions of mortgage lending are as follows. Loans must be issued in Azerbaijani manats and only to Azerbaijani citizens and the mortgage can only be for an apartment or private house. The volume of mortgage lending must not exceed 80 percent of the market price and the monthly payment must not exceed 70 percent of the debtor's monthly income. It is compulsory to take out an agreement on life insurance.

Preferential conditions are granted to family members of war victims, national heroes, internally displaced persons, civil servants with at least a three years' experience, PhDs and those making special contributions to sport as well as to the military with at least a three-year service term. Each family having the right to such a mortgage can only use the opportunity once.

There are 31 authorized banks belonging to the Mortgage Fund. Around 21 insurance companies and 11 appraisal organizations are participants of the mortgage market.

Azerbaijan's banking sector

The depositary base of Azerbaijani banks has increased by 20.84 percent in the first quarter of 2014.

As of April 1, 2014, the total amount of bank deposits and deposits of physical and legal entities totalled 13.308.1 billion manat, compared to 11.012.7 billion manat as of early April 2013, according to the CBA.

Around 6.596.3 billion manat fell to cash in manats, of which 2.395.6 billion manat were demand deposits and 4.200.7 billion manat - term deposits. The funds in foreign currency amounted to 6.711.8 billion manat (1.720.4 billion manat and 4.991.4 billion manat, respectively).

The deposits of physical entities increased by 20.24 percent, while the volume of legal entities' deposits by 21.45 percent compared to Jan.-March 2013.

As of Jan.-March 2014, the volume of physical entities' deposits in the banks amounted 6.656.3 billion manat compared to 5.536 billion manat in Jan.-March 2013.

Around 4.077.1 billion manat (61.26 percent) of the population's funds were placed in the national currency, the manat, while 2.579.2 billion manat in freely convertible currency, according to the Central Bank. The Azerbaijani population's deposits in the national currency in the banks have prevailed over those in foreign currency since 2012.

The population's deposits in Azerbaijan's banking system from regions (excluding Baku) amounted to 49.,7 million manat or 7.4 percent of the total volume of bank deposits in Jan.-March 2014.

The volume of deposits throughout Baku amounted to 6.165.7 billion manat, while some 3.718.5 billion manat fell to the deposits in national currency, according to the statistical report of Azerbaijani Central Bank. The average interest rate in the country and in particular, in Baku amounted to 8.1 percent during the reporting period.

Thus, Baku remains a leader for attraction of population's deposits by banks.

Absheron economic region is a leader among regions for attracting population's deposits (157.3 million manat, average rate - 9.1 percent per annum).

The volume of deposits in Aran economic region amounted to 153.7 million manat with the average rate of 7.9 percent, Mountain-Shirvan - 13.26 million manat, at the average rate of 6.5 percent, Ganja-Gazakh - 54.35 million manat, at a rate of 6.2 percent, Guba-Khachmaz - 17.5 million manat, at a rate of 6.9 percent, Lankaran - 39.13 million manat - the rate of 7.8 percent, Sheki-Zagatala - 19.9 million manat - the rate of 6.3 percent, Upper Karabakh - 10.06 million manat - 4.8 percent, Kalbajar-Lachin - 6.2 million manat - 5.4 percent, Nakhchivan - 19.26 million manat, at the average rate of 3.9 percent.

As of Jan.-March 2014, the volume of deposits of financial organizations amounted to 3.610.4 billion manat compared to 2.605.4 billion manat as of Jan.-March 2013. The volume of deposits of non-financial organizations totalled 3.041.3 billion manat compared to 2.871.4 billion manat as of Jan.-March. 2013. The deposits of legal entities totaled 6.651.7 billion manat compared to 5.476.8 billion manat as of Jan.-March 2013.

As of April 1, 2014, Azerbaijani banks slightly reduced the rate on deposits in manat and in freely convertible currency.

The average rate on deposits in manat as of April 1, 2014 was 9.32 percent compared to 9.84 percent as of April 1, 2013, according to CBA data. The average rate on deposits in foreign currency amounted to 9.64 percent compared to 10.33 percent as of early April 2013.

As of April 1, 2014, the average rate on physical entities' deposits in manat was 9.73 percent compared to 10.33 percent as of April 1, 2013. The average rate on individual clients' deposits in foreign currency amounted to 10.13 percent compared to 10.69 percent as of early April 2013.

As of early April 2014, the average rate on legal entities' deposits in manat was 5.66 percent compared to 6.09 percent as of April 1, 2013, according to the CBA report. The average rate on corporate clients' deposits in foreign currency was 3.48 percent compared to 4.62 percent as of early April 2013.

Banks' financial activity

Around 43 banks operated in Azerbaijan as of the first quarter of 2014. Some 42 of them are commercial banks and one is a state-owned bank. The number of banks with foreign capital stood at 22. The share of foreign capital in seven of them ranges from 50 to 100 percent, versus 50 percent in 13 banks. Moreover, two local branches of foreign banks operate in Azerbaijan.

The Azerbaijani Central Bank (CBA) exceeded the total profits of lucrative banks over the total loss of unprofitable banks by almost 4.2 times as of April, 2014.

The profit of 34 banks was 130.52 million manat, while the loss of nine banks stood at 30.96 million manat, according to the report. This allowed the banking system to earn 99.56 million manat of net profit.

The number of profitable banks decreased by five in March, 2014, compared to the same month of 2013, while the total profit of the sector increased by 67.16 percent. The number of unprofitable banks increased from four to nine and the total loss increased by almost 4.5 times.

The maximum level of total profits of the banking system obtained by the results of activities of 38 banks was recorded in November 2013 to the sum of 346.89 million manat. The maximum amount of net profit at the level of 334.16 million manat was gained in the same month.

Financial results of the banks' activity (after paying taxes) 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

01.04.2013

39

78,08

4

-6,92

71,16

01.04.2014

34

130,52

9

- 30,96

99,56

The capitalization of Azerbaijan's banking sector increased by 28.1 percent in March 2014 compared to March 2013 and amounted to 3.42 billion manat as of April 1, 2014.

There were 41 banks with the capital worth over 10 million manat as of the reporting period, according to the Central Bank of Azerbaijan's statistics report. This did not change compared to late March 2013. The specific weight of this category in the total volume of capital of all the country's banks amounted to 99.7 percent as of the reporting period.

There was one bank with the capital ranging from five million manat to ten million manat.

There was one bank 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 the country's all banks amounted to 0.2 percent and 0.1 percent, respectively as of the reporting period.

The Central Bank's requirement for the minimum amount of total capital of banks is set at 50 million manat by late 2014.

As of April 1, 2014, the assets of the Azerbaijani banking sector amounted to 21.42 billion manat compared to 17.31 billion manat as of the first quarter of 2013.

The bank assets increased by 23.74 percent in a year, according to the report of Azerbaijani Central Bank.

The basis of the assets of the banking sector (68 percent) accounted for loans delivered to the clients to the sum of 14.57 billion manat (28.94 percent growth per year), investments (1.86 billion manat with the share of 8.68 percent and with around 19.23 percent growth) and funds on correspondent accounts (1.22 billion manat).

Loans and deposits to the financial sector amounted to 1.11 billion manat.

The lion share in the structure of liabilities accounts for deposits standing at 9.39 billion manat (43.86 percent) as of April 1, 2014, showing an increase of 13.96 percent compared to the first quarter of 2013. Loans and deposits from the financial sector amounted to 7.17 billion manat, increasing by 34.77 percent in a year.

Payment card market

The number of payment cards in Azerbaijan increased by 3.2 percent since early 2014 and hit 5,853 as of March 2014.

Their number increased by 13.1 percent compared to March 2013.

Some 4,821 of the total number of cards were debit cards, in particular, 2,553 - social cards, 1,406 - salary cards, 862,000 - other cards.

The number of credit cards was 1,032. The total turnover on payment cards via ATMs and POS-terminals amounted to 1,019 million manats and the total number of transactions to 6.801 million units in January-March.

The number of transactions on debit cards equaled 5,413 units to the amount of 832 million manats.

Of the total number of transactions, around 4,410 transactions amounting to 755 million manats were implemented on debit cards via ATMs within the country, and around 234,000 transactions amounting to 49 million manats via POS-terminals.

Some 1,388 transactions worth 187 million manats were made on credit cards in January-March 2014.

As many as 424,000 transactions amounting to 97 million manats of the total number of transactions on credit cards were implemented via ATMs and there were 620,000 transactions amounting to 40 million manats via POS-terminals.

As of April 1, 2014, around 2,443 ATMs operated in the country of which 1,373 are located in Baku and 1,070 in other cities and regions of the country. Their total number increased by 85 units or 6.6 percent per year (compared to early April 2013).

The number of POS-terminals amounted to 38,772 units of which 30,675 are installed in Baku and 8,097 units in other cities and regions as of April 1, 2014.

The number of POS-terminals increased by 1,506 units or by 4.04 percent compared to January-March 2013.

Stock market

Azerbaijani stock market turnover increased by 2.4 times in the first quarter of 2014, compared to the same period of 2013, the chairman of the Azerbaijani State Securities Committee Rufat Aslanli said at the extended board meeting dedicated to the first quarter results of the implementation state program for the development of the securities market in Azerbaijan for 2011-2020.

Aslanli pointed out that the dynamic development continued in the first quarter.

The turnover of the stock market increased by 2.4 times during the reporting period, and trade in corporate securities - 3.9 times compared to the same period of 2013, he said.

Aslanli also stressed that significant events have been held on the compliance of securities market to the international standards during this period.

Baku Stock Exchange (BSE) turnover exceeded 645.05 million manat in March 2014 compared to 1.759.5 billion manat in February 2014, 1.483.1 billion manat in January 2014 and 1.434.7 billion manat in December, 2013, according to BSE.

BSE achieved the record level of turnover in its history in December 2011 (1.873.9 billion manat), while the best turnover in 2012 was fixed in July (1.288 billion manat).

The BSE turnover as of Jan.-March 2014, at the level of 3.887.7 billion manat, is already equivalent to 45.9 percent of its turnover as of 2013 (8.475.9 billion manat). If the BSE keeps the tendencies of the first quarter, then its turnover can hit 15.550.7 billion manat as of 2014. The best turnover throughout BSE's history was fixed in 2008 (9.519.5 billion manat).

Some 264 transactions with securities with nominal value of 166.54 million manat were concluded in March 2014, compared to 532 transactions on 209.82 million manat in February and 454 transactions on 330.5 million manat in January, according to the National Depository Center.

The market's turnover is estimated at the level of 706.8 million manat on 1,250 transactions for 2014 for the time being.

Some 22 transactions on placement of shares ensured the turnover of 116.55 million manat in March 2014, compared to 352 transactions on 411.04 million manat in the past period of 2014. The turnover on 209 exchange transactions was equal to 48.3 million manat in March, compared to 784 transactions on 291.4 million manat in 2014. The turnover on some 33 off-exchange transactions was estimated at 1.71 million manat in March, compared to 104 transactions on 4.4 million manat as of 2014. 014, compared to 330 transactions 4 transactions 6.5 per013 ( cubic meters of gas. pril 11. al defi

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