Taleh Kazimov: Size of 73% of bank deposits doesn’t exceed $17,647

In Azerbaijan, the size of 73% of deposits placed in banks doesn’t exceed 30,000 manats ($17,647), Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said at a plenary meeting of the parliament, Report informs.

He noted that a decline in deposits has been observed since February of this year.

“It is also worrying that the share of deposits for up to one year in the total volume is 81%,” the chairman added.

In addition, he emphasized that one of the worrying factors is the purchase-oriented intervention of the CBA in the foreign exchange market at a time when supply exceeds demand: “With such intervention, the money supply may increase and an expansion of sterilization operations will be required to prevent inflation from rising in future. And this in turn will increase costs.”