Bank Deposits Fell after Devaluation by 4.3%

Effects of 35% devaluation of the manat continue to affect the bank deposits of the population. As of June 1 for a month, they decreased by 1.5% and amounted to 7.6011 billion manats.

Of course, they still exceed the value of 1 January 2015 by 1,206,000,000 manats, but got leaky at 331.6 million mantas, following the devaluation of the national currency on 21 February when it was registered a record volume of deposits in the amount of 7,932,700,000 manats. Bank deposits fell after devaluation by 4.3%.

With the continued deterioration of economic indicators for the country and a protracted crisis can be expected to continue declining trend in contributions, but not to a great extent. In the context of financial and economic risks deposits with current interest rate of 8% -11% are more reliable source of income. The state guarantee on deposits is 30,000 manats for each deposit. -0-

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