Bank deposits in Azerbaijan increased by 9%

Baku. 6 May. REPORT.AZ/ Total deposit base of the banking sector of Azerbaijan, including deposits of non-residents and the government, amounted to 23 121.6 million AZN on April 1, 2016. Report informs referring to the Central Bank of Azerbaijan (CBA), volume of deposits increased by 1 836.2 million AZN or 8.63% in comparison with March 1, and 4 602.5 million AZN or 24.8% in comparison with the same period of last year.

On a monthly basis, manat deposits increased by 222.6 million AZN or 5.3% - to 4 401.2 million AZN, including demand deposits - to 176.3 million AZN or 9.2% - to. 2 085,1 mln. AZN, term deposits - by 46.3 million AZN or 2% and amounted to 2 316.1 million AZN.

Volume of deposits in foreign currency for March has increased by 1 613.8 million AZN or 9.4% -to 18,720.5 million AZN. Currency demand deposits in a monthly comparison increased by 889.3 million AZN or 19% - to 5 574,8 mln. AZN, term deposits by 724.5 million AZN or 5.8% -to 13 145 7 mln. AZN.

"The growth of deposits in March is related with the increasing of the US-dollar rate. Considering the growth of household spending by a decline in incomes and strengthening of manat in April, reduction of deposit portfolio in April is expected", analysts of Report News Agency believe.