Term deposits in foreign currency increased by 68% this year

Baku. 10 August. REPORT.AZ/ On July 1  total deposit base of the banking sector of Azerbaijan, including deposits of non-residents and the government amounted to 18 231.6 million manats, which is by 343.7 million manats or 1.8% less than on June 1.

Report was told in Central Bank of Azerbaijan Republic(CBAR), compared with the beginning of the year total deposit base increased by 2 778.2 million manats or 18%.The reason for increase in the deposit base was the rising cost of foreign currency deposits in manat equivalent after the February devaluation.

In the structure of deposits as of June 1, there was a relative increase in manat deposits, as well as an increase in demand deposits in foreign currency while the volume of term deposits declined.

Thus, on July 1 manat demand deposits rose by 3.5% - to 2 031.6 million manats.Compared with the beginning of the year manat demand deposits decreased by 702.8 million manats or 25.7%.Term deposits in manats as compared to the June 1 rose by 0.2% to 3 002.5 million manats from the beginning of the year decreased by 2 006.6 million. manats or 40%.

Demand deposits in foreign currency on July 1 this year increased by 2.6% compared with the previous month and amounted to 3,270 mln manats.Compared to January 1, this figure rose by 81.8% up to 1 471.2 million manats.Term deposits in foreign currency as of 1 July decreased by 4.8% compared with the previous month and amounted to 9 927 4 mln manats from the beginning of the year this figure rose by 67.9% or 4 016.4 million manats.

In banking sector of Azerbaijani as of July 1 the share of foreign currency deposits in the structure of the total deposit portfolio amounted to 74.5% and as of June 1, the figure was 74.6% at 1 January - 47.3%.