Central Bank: Level of dollarization reduced in Azerbaijan

Central Bank: Level of dollarization reduced in Azerbaijan The level of dollarization of deposits of individuals decreased from 85% to 81% at the beginning of the year
Finance
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May 14, 2016 13:39
Central Bank: Level of dollarization reduced in Azerbaijan

Baku. 14 May. REPORT.AZ/ In the first quarter of this year, level of dollarization in Azerbaijan has reduced.

Report informs referring to the Central Bank of Azerbaijan (CBA), foreign currency deposits and deposits in the structure of monetary aggregate M3 in the beginning of the year accounted for 59.2%, in the first quarter - 56.7%.

As stated in the Central Bank, at the beginning of the year volume of deposits in foreign currency in total volume of deposits amounted to 76.4%, at the end of the first quarter it reduced to 74.9%.

In addition, manat deposits of physical persons in the first quarter increased by 6.4% in comparison with the beginning of the year, while foreign currency deposits declined by 20.8%. The level of dollarization of deposits of individuals decreased to 81% from 85% at the beginning of the year.

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