Deposits of credit organizations in Azerbaijan decreased in June 2013 by 34.9 million or 0.3% to 11,399.9 million manat. Over the past 12 months, three of which there was a decline, the figure rose by 1,695.6 million or 17.5%.
In the reported month, just manat attachments rose. The volume of funds amounted to 5,786.3 mln manat and its share in the total deposit portfolio of banks increased to 50.7%. A year earlier, the share of resources manat stood at 46.3%.
By the beginning of July individuals had bank deposits and investments in the amount of 5,922.2 million manats, which corresponds to 51.9% of the total figure (51.5% a month earlier). Short-term investments of individuals in the reported month increased 68.6 million or 2.1% to 3,412.7 million manat. Long-term savings of individuals decreased 37.8 million or 1.5% to 2,509.5 million manat.
Time deposits increased to 7,633.7 million or 66.9% of the total. The total demand deposits decreased to 3,766.2 million manat.
According to the Central Bank of Azerbaijan, the average rate of the manat deposits increased in June by 0.09 percentage points to 9.57, on the contrary savings in foreign currency decreased by 0.26 percentage points to 10.11%. In the reported month, manat deposits were accepted from individuals at an average of 10.05% per annum, and currency deposits - at 10.58%. For legal entities, the figures were 5.14% and 3.77%, respectively. - 15B -
Economics
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Global grain prices continued their downward trajectory in August, as the FAO grain price index slipped 0.5% from July and a sharp 11.9% year-on-year decline, reflecting weakening demand and intensifying competition among major exporters. Wheat prices were particularly impacted by higher-than-anticipated production levels in Argentina and the United States, exerting additional downward pressure on the international market.
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