Azerbaijani banks record over 20% growth in deposits

As of March 1, 2023, deposits in Azerbaijani banks amounted to 35.179 billion manats ($20.69 billion), 1.1% less than a month ago, 3% lower than early 2023, and 20.6% more than the previous year, Report informs, citing the Central Bank of Azerbaijan.

Non-financial organizations accounted for 58.9%, or 20,721.8 million manats ($12.19 billion) of this amount, which indicates an annual increase of 20.7%.

During the year, household deposits increased by 18.6% to 11,901.8 million manats ($7 billion), and deposits of financial institutions grew by 30.2% to 2,555.6 million manats ($1.5 billion).

There are 25 banks in Azerbaijan.