Azerbaijani banks see over 22% increase in deposits

As of February 1, 2023, deposits in Azerbaijani banks amounted to 35.553 billion manats ($20.91 billion), 1.9% less than a month ago, 22.5% more than the previous year, Report informs, citing the Central Bank of Azerbaijan.

Non-financial organizations accounted for 59.4% or 21,102.6 million manats ($12.41 billion) of this amount, which indicates an annual increase of 20.7%.

During the year, household deposits increased by 23.8% to 11.928 billion manats ($7.02 billion), and deposits of financial institutions increased by 33.1% to 2,521.7 million manats ($1.48 billion).

There are 25 banks in Azerbaijan.