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    92% of bank deposits in Azerbaijan accounted for Baku

    Population in Baku had placed 38% of the deposits in foreign currency

    Baku. December,5. REPORT.AZ/ As of November 1, 92,4% (6,470 bln manats) of deposits involved by the commercial banks based in Azerbaijan is accounted for Baku. Volume of deposits on Baku rose by 10,6% during a year, but their special scope in total deposits on country reduced by 0,4%.

    Report citing the report of Central Bank of Azerbaijan Republic (CBAR), 62,3% (4,028 bln manats) of the capital deposits was placed in national currency, but 37,7% (2,442 bln manats) in foreign currency. According to the Central Bank, average profitability for bank deposits involved on Baku city is 8% annually.

    For profitability of deposits on the regions of Azerbaijan, Absheron economic region is leading with 8,5%. During the period, volume of deposits involved in Absheron region amounted to 166,033 mln manats.

    The lowest percent was observed in Nakhchivan economic region (4,3% annual). During the period, volume of deposits involved on this region made 19,841 mln manats.

    It also should be noted that, total value of deposits placed by the population in commercial banks based in Azerbaijan amounted to 7,005 billion manats as of November 1, 2014. And this is  by 11,1% or 702 million manats more in comparison with the previous year.

    At the same time, scope of bank deposits from the beginning of the year rose by 9,5% or 609 million manats, as well in October increased 0,7% or 45 million manats. 

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