Deposits in Azerbaijani banks grow by over 33%

As of November 1, 2022, the volume of deposits in Azerbaijani banks exceeded 34.806 billion manats ($20.469 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

According to the CBA, this is 2.5% more when compared to a month ago, 19.9% more than on January 1, 2022, and 33.3% more year-on-year.

Sixty percent of this amount, or 20.866 billion manats ($12.271 billion), fell to the share of non-financial organizations, which is 37.1% more year-on-year.

During the year, household savings increased by 29.4% to 11.5 billion manats ($6.76 billion), and deposits of financial organizations grew by 21.8% to 2.439 billion manats ($1.434 billion).

As of November 1, 24.325 billion manats (increased by 43.9% during the year), or $14.3 billion, were short-term deposits, and 10.481 billion manats (increased by 13.8%), or $6.16 billion, were long-term deposits.

Twenty-five banks operate in Azerbaijan.