Forecast: Devaluation of the national currency caused damage to commercial banks in the amount of 600 million manats

In January the banking sector shows outflow of deposits in the amount of 200 million manats

Baku. 5 March. REPORT.AZ/ Volume of deposits placed in the national currency of commercial banks in Azerbaijan for January 2015 decreased by 400 mln manats or 5.4% and amounted to 1 February 6879 mln. manats.

Report informs referring to the monthly report of the Central Bank of Azerbaijan (CBA), the first month of 2015 the volume of deposits in foreign currency increased by 200 million manats or 4.9% to 4,331 mln. manats. By the end of the reporting month in the banking sector there is an outflow of deposits in the amount of 200 million manats.

It should be noted that as of February 1 total foreign assets of commercial banks decreased by 1.7% to $ 3.1 billion manats, foreign liabilities - by 1% to $ 4.9 billion manats. That's to say, foreign exchange positions of banks on a monthly basis decreased by 0.3% - up to 1.8 billion manats.

As a result of the devaluation of the national currency on February 21, according to preliminary estimates, the commercial banks have suffered damage in the amount of 600 million manats.

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