As of May 1, bank deposits amounted to 7 billion 685 million AZN (minus 18.9% to 1 January) and reduced from month to month - even in April against the background of foreign exchange reserves growth and the relative rise in oil prices the population did not trust banks, moving 203.9 million AZN from them.
Derived from the turnover are mainly savings in foreign currency (minus 22.1% to the beginning of the year - to 6 billion 277.3 million AZN), which make up 81.6% of all deposits. The situation is better in AZN - the proportion of the national currency reduced by 0.9% - to 1 billion 407.6 million AZN.
About the same comparative reduction befell residents (minus 18.9% - to 6 billion 683.7 million AZN) and non-residents (minus 18.8% - to 1 billion 1.3 million AZN).
According to the CBA as of May 1, the total amount of deposits in local banks was equal to 22 billion 558.1 million AZN (minus 3.7% as of 1 January). --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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