The volume of deposits and deposits with credit institutions of Azerbaijan increased in September 2013 by 267.9 million or 2.3 % to 11,929.4 million manat. Over the past 12 months, two of which there was a decline, the figure rose by 1,848.8 million or 18.3%.
In the reporting month grew both manat and foreign currency investments. The volume of AZN funds amounted to 6,082.5 million AZN. And its share in the total deposit portfolio of banks decreased in September to 50.9 %. A year earlier, the proportion of resources in manat stood at 45.2%.
By the beginning of October individuals stored in banks deposits amounting to 6,237.4 million manat, which corresponds to 52.3% of the total (52.2% a month earlier). Short-term investments of individuals in the reporting month increased 120.8 million or 3.5% to 3613.5 million manat. Long-term savings by individuals increased 26.2 million or 1% to 2623.9 million manat.
Time deposits increased in the reporting month to 8,056.5 million or 68% ( 3.6 % in September) total. The total volume of demand deposits decreased to 3872.8 million manat.
According to the Azerbaijani Central Bank, the average rate on manat deposits and deposits in September remained at 9.45 % for deposits in foreign currency - rose by 0.03 points to 10.04%. In the reporting month, manat deposits were accepted from individuals at an average of 9.90 % per annum, and currency deposits - at 10.40%. For legal entities, the figures were 5.69% and 4.83 % respectively. - 15B -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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