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    Deposit portfolio of Azerbaijan's banks increased by 2% per month

    The rapid increase in demand deposits of banks in foreign currency rates caused a decrease

    Baku. 13 June. REPORT.AZ/ Total deposit portfolio of banks operating in Azerbaijan amounted to 18 8311 million manats on May 1, 2015. This is higher by 1,7% or 312 million manats compared with a similar figure on April 1,

    The deposits of non-residents and central government are included to this volume.

    Report was told in Central Bank of Azerbaijan, 5 007,1 million manats or 26,6% of deposit portfolio placed in national currency,13 824 million manats or 73,4% - in foreign currency. For comparison, the figures were 30% and 70% respectively as of April 1.

    Despite the reduction of demand deposits by 9,1 million manats in foreign currency, term deposits increased by 860,8 million manats due to the banks are forced to reduce growth in foreign currency rates.

    Analytical group of Report informs that huge difference between the interest rates observed after the devaluation of national currency, interest rates on foreign currency deposits being equal to deposits in manats.

    Deposits in manat accepted annually at 12-15% and foreign currency - 3-6%. And this is due to the lack of demand for loans in foreign currency in the currency market because of the uncertainty of the population.

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