In July, Continued Reduction of Deposit Resources of Azerbaijani Banks

Volume of deposits with credit institutions in Azerbaijan decreased in July 2012 by 35.2 million or 0.4% to 9,668.7 million manat. Over the past 12 months, in four of which there was a decline, the figure rose by 1,322.9 million or 15.9%.

In the reported period grew only monetary savings. The volume of foreign currency amounted to 5,241 mln. And its share in total deposit portfolio increased to 54.2%. A year earlier, the share of foreign exchange reserves stood at 57.3%.

By the beginning of August individuals kept in bank deposits and investments in the amount of 4,415.2 million manat, which corresponds to 45.7% of the total (45.1% a month earlier.) Short-term investments of natural persons in the reported month grew by 19.8 million or 0.7% to 2,788.7 million manat. Long-term savings by individuals increased 22.8 million or 1.4% to 1,626.5 million manat.

In July only call deposits increased. Their total reached 3,489.2 mln. Time deposits decreased to 6,179.6 million or 63.9% of the total.

According to the Central Bank of Azerbaijan, the average rate of manat deposits increased in July by 0.03% to 10.36 and the savings in foreign currency decreased by 0.02% to 10.77%. In the reported month, manat deposits were accepted from individuals at an average of 10.67% per annum, and currency deposits - at 10.98%. For legal entities, the figures were 7.01% and 4.44% respectively. - 15B -