Dollarization of bank deposits in Azerbaijan is obvious - the volume of manat accounts from January to August decreased by 2.07 times to 2 billion 138.7 million manats. By the way, while on January 1 they accounted for 60% of the total mass, today its share is at 28.1%.
In this, the population's deposits in foreign currency rose almost twofold by 1 August - by 97.6% to $ 5 billion 466.4 million manats, or 71.9% of all bank savings.
The total volume of the bank "nest egg" is $ 7 billion 605.1 million manats (5.8% YTD). Recall, the official figures of CBA do not take into account the February devaluation of the national currency, which resulted in manats dipped by 34% - that is, deposits really became 30% less.
By August 1, the total volume of deposits in local banks was 18 billion 213.6 million manats (+ 17.9% to 1 January). --17D-
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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