Deposits in Azerbaijani banks surge by almost 6%

As of June 1, 2024, the total deposits in Azerbaijani banks reached just over 37.47 billion manats (over $22 billion), Report informs, citing the Central Bank of Azerbaijan.

Although there was a slight 0.2% decrease compared to the previous month, the overall trend remains positive. Deposits for the reporting period rose by 1.4% from the beginning of the year and 5.9% year-on-year.

Non-financial organizations held the majority of deposits, accounting for 56.5% or 21.16 billion manats or $12.45 billion), which is 7.2% more than the previous year.

During the reporting period, household deposits rose significantly by 10.3% to nearly 13.68 billion manats (over $8.04 billion). Deposits from financial institutions decreased by 3.7% to almost 2.63 billion manats (about $1.54 billion).

Short-term deposits accounted for 22.56 billion manats (about $13.27 billion), showing a 5.2% decrease compared to the same period last year.

Long-term deposits exceeded 14.9 billion manats ($8.76 billion), reflecting a substantial 28.7% increase year-on-year.