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    Banking deposits dropped twice in 21 months

    Report experts: Real incomes of population will continue to shrink in 2017

    Baku. 8 December. REPORT.AZ/ Actual volume of banking deposits in Azerbaijan fell twice in last 21 months.

    Report’s experts group says on January 1, 2015, volume of bank deposits in US-dollar was $9.17 bln. Deposits in national currency amounted AZN 4.422 bln. ($5.64 bln.), deposits in foreign currencies – AZN 2.766 bln. ($3.53 bln.). As of October 1 of this year, AZN deposits amounted AZN 1.426 bln. ($0.86 bln.), deposits in foreign currency were equal to AZN 6.388 bln. ($3.95 bln.). Thus total deposits make up $4.81 bln. Consequently, deposits dropped by 47.5% during last 21 months, 20.4% since beginning of the year.

    “Reduction of deposits in foreign currency means that despite rise of USD exchange rate to 1.6170 AZN/USD on October 1 from 1.5610 AZN/USD at the beginning of the year, overall volume of deposits expressed in AZN is down by 17.5%. If to take into account difference in exchange rate, then the real volume of deposits is down by 20.4%”, the experts say.

    Report’s experts think that decrease of deposits is stipulated by reduction of real incomes of the population. Negative tendency in economic growth in 2017 will further reduce the real incomes of population. International finance institutions forecast economic shrinking in Azerbaijan in 2017. This will cause further reduction of banking deposits. As result the banks may face liquidity problem.

    The diagram below shows changes in structure of deposits since January 1, 2010. 

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