Baku People Hold on Accounts 93% of All Household Deposits

Baku people, according to the statistics of the Central Bank of Azerbaijan, are the wealthiest citizens of Azerbaijan - in their accounts as of 1 October were 92.7% of all bank deposits, or 6 billion 774 million 651.5 thousand AZN ( 1.9% YTD).

On average, capital deposits from the public were made at the rate of 8.1% per annum, with most of them (the equivalent of 5 billion 263 million 835.7 thousand AZN) transferred into hard currency. Contributions in manats disastrously (2.66 times) decreased from the beginning of the year, amounting to 1 billion 510 million 815.8 thousand AZN. Banks also prefer foreign currency – the deposits are accepted at a rate of 8.4% per annum, while in manats – at 7.4% per annum.

If the contributions from residents of the capital rise, in the regional offices they are reduced (minus 0.6% as of 1 October) and for the reporting period they make up 537 million 154.8 thousand manats. --17D-

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