Report: Volume of bank deposits to grow by 20-25%

Baku. 4 February. REPORT.AZ/ Total volume of deposits in the banking sector in December 2015 increased by 2 384.4 million AZN or 33.63% and amounted to 9 473 9 mln. manats on January 1, 2016.

Report informs referring to the Central Bank of Azerbaijan Republic (CBAR), in comparison with the beginning of last year the volume of deposits increased by 2 285.6 million AZN or 31.8%.

Notably, volume of deposits increased due to the growth of foreign currency deposits in manat equivalent as a result of the devaluation of the national currency in December, 2015.

Analytical Group of Report News Agency believes, the upcoming statement for full deposit insurance and exemption from taxation of dividends on deposits will lead to an increase in the volume of deposits of the banking sector more by 20-55% - to 12 billion manats.