By August 1, bank deposits of population of 6 billion 940 million manat (+8.5% YTD).
According to the Central Bank (CBA), the largest growth in deposits in the national currency - for the seven months it increased by 13.25% to reach 4 billion 403,600,000 manat or 63.5% of total deposits. Deposits in foreign currency rose slightly - by 1.2% and amounted to 2 billion 536,500,000 manat.
In the accounts of residents (who resides six months or more in the country) by August 1, there was 6 billion 310,900,000 manat and at nonresidents – 629 100 000 manat. While the accounts of citizens grew in January-July by 12.3%, foreigners withdraw money - minus 18.88% since the beginning of the year. As explained financiers to Turan, this is due to inspections in several banks and the collapse of Royal Bank, then part of the account owners ran out of money.
As of August 1, the total volume of deposits in domestic banks was 14 billion 558,100,000 manat (+ 16.7% since the beginning of the year). --17D--
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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