Volume of deposits in manat fell to six-year low in Azerbaijan

Baku. 13 June. REPORT.AZ/ Volume of individuals' deposits in the banking sector of Azerbaijan as of 1 May amounted to 7 685 million AZN.

Report informs referring to the Central Bank of Azerbaijan(CBA), it is less by 203, 9 million AZN or 2.58% compared to the April 1, 2016 and less by 32.2 mln. AZN or 0.41% compared to the same period last year.

Manat deposits from individuals as of May 1 totaled 1 407.6 million AZN. Compared with the April 1, 2016, it's less by 104 million AZN or 6.88%, as well less by 837.5 million manat or 37.3% than in the same period last year.

Deposits of individuals in foreign currency amounted to 6 277.3 million AZN last month fell by 100 million AZN or 1.56%, on an annualized basis increased by 805.1 million AZN, or 14.71%, and as of May 1 made 6 277,3 million AZN.

Analysts of Report News Agency believe that reduction in the volume of deposits of physical persons is related with decline of income amid rising public spending.

Notably, volume of deposits in manat amounted to 1 409.9 million AZN, which is the lowest figure since 2010.

"The growth of deposits in foreign currency in manat equivalent makes only 14.7% compared to the same period last year, despite a 50% devaluation, it means a real reduction in the sector", the analysts say.