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    Broad money supply increased by 12% in Azerbaijan in 2015

    The process of transformation of manat deposits into a currency continues in the banking sector

    Baku. 16 June. REPORT.AZ/ Broad money supply (M3) in Azerbaijan amounted to 18 982,9 million manats on May 1, 2015. This is 524,5 million manats or 2,7% less compared to a month ago. Compared with the beginning of the year reduction amounted to 2 583,5 million manats or 12%.

    Report was told in Central Bank of Azerbaijan, decline in M2 money aggregate was 11,9% or 489,1 million manats on April 1. Deposits in hard currency increased. M2 money aggregate amounted to 6 431,8 million manats since the beginning of the year.

    M1 money aggregate increased by 11% or 1 025,1 million manats and reached 8 267,6 million manats compared with April 1.

    Cash outside banks (M0) amounted to 6 420,9 million manats as of May 1 and in the last month fell by 13,2% or 975,7 million manats.

    In April, Demand deposits in manat showed a slight decrease of 49,4 mln manats or 2,6%. Time deposits in manat decreased by 464 mln manats or 14.5%. That is process of transferring manat deposits into a deposits in hard currency continues.

    Ratio of M3 to Reserve money was 2.41 as of May 1. It is the highest rate to this day. Ratio of M3 to This is because reserve money reduced more rapidly than M3.

    In other words, cash in circulation and commercial banks' showed a decrease of more than M3 aggregate.

    Monetary base amounted to 7 870,2 million manats as of May 1.During April, this figure decreased by 1 049 million manats or 11.8%, and amounted to 3 996,7 million manats. or 33.7% since the beginning of the year.The main reduction observed incomponent of cash in circulation.On April cash in circulation amounted to 1 046,6 million manats or 13%, at the beginning of the year fell by 3 836,1 million, or 35.4%.Free reserves of the bank increased by 15% or 104,3 million manats and amounted to 798,2 million manats in April.Mandatory reserves decreased by 105,4 million manats. This is due to reduction of mandatory reserve from 2% to 0.5% from March 1 this year.

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