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    Deposit base of Azerbaijani banks reduced

    Report: Improving the value of the dollar could lead to an increase in foreign currency deposits in manat equivalent

    Baku. 13 June. REPORT.AZ/ Total deposit base of the banking sector of Azerbaijan, including deposits of non-residents and the government, amounted to 22 558,1 mln. AZN on May 1, 2016. Report informs referring to the Central Bank of Azerbaijan (CBA), volume of deposits decreased by 563.5 million AZN or 2.43% as compared with April 1, and increased by 3 727 million AZN or 19.79% compared with the same period last year.

    On a monthly basis, manat deposits decreased by 66.7 million AZN or 1.5%, in annual comparison 672.6 million AZN, or 13.43% and made 4 334.5 million AZN. In particular, demand deposits over the past month increased by 103.9 million AZN, or 4.98%, 230.4 million AZN or 11.76% on annual basis, amounted to 2 189 million AZN, time deposits monthly decreased by 170.6 million AZN or 7,36%, on annual basis 903 million AZN or 29.62%, amounting to 2 145,5 mln.AZN.

    The volume of deposits in foreign currency in April decreased by 497 million AZN or 2,65%, compared to the same period last year increased by 4 399,5 mln. AZN or 31.82% and amounted to 18 223.5 million AZN. Currency demand deposits in a monthly comparison decreased by 65.1 million AZN or 1.16%, on an annualized basis increased by 2 399.2 million AZN, or 77.13% and amounted to 5 509.7 million AZN, term deposits decreased by 431.9 million AZN or 3.28%, on annual comparison increased by 2 000,3 mln.AZN or 18.67% - to 12 713,8 mln. AZN.

    "Reducing of volume of deposits in April is related with decline of US-dollar. Decline of the deposit portfolio against falling incomes of the population, growth of dollar deposits from the strengthening of the dollar by the end of the year is predicted", Report analysts said. 

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