Volume of deposits in Azerbaijani banks grows by 9% YoY

As of April 1, 2024, the deposit portfolio of Azerbaijani banks amounted to just under 40.475 billion manats (over $23.808 billion), Report informs with reference to the Central Bank of Azerbaijan (CBA).

According to CBA, this figure is 0.1% more month-on-month, 0.5% more compared to the beginning of the year, and 9% more year-on-year (YoY).

About 53.4% of the deposit portfolio, or nearly 21.619 billion manats (about $12.717 billion), fell to non-financial organizations, which is 1.1% more year-on-year.

Household deposits increased by 14.6% YoY to 15.074 billion manats (almost $8.867 billion), while deposits of financial institutions grew by 45.5% to 3.782 billion manats ($2.224 billion).

In the specified period, approximately 23.431 billion manats ($13.783 billion; increased by 0.9% YoY) of total deposits were short-term, while just over 17.043 billion manats ($10.025 billion; increased by 22.5%) were long-term.