On February 1, the population of Azerbaijan held 7 billion 121,300,000 AZN on bank accounts (minus 0.9% YTD).
According to the Central Bank of AR (CBA), this is due to the conversion of deposits in favor of foreign currency - only in January, the total volume of this segment in manat fell to 4 billion 276,300,000 manat (minus 3.3%) or 60% of total deposits. In contrast, household deposits in foreign currency increased by 2.9% - up to 2 billion 845 million manat. i.e., 0.4% of deposits were withdrawn from the bank circulation.
By February 1, the volume of bank deposits of residents was 6 billion 463,600,000 manat (minus 0.2% YTD), non-residents - 657,700,000 manat (minus 8.1%). The aggregate amount of deposits in banks by that date amounted to 15 billion 134,700,000 manat (minus 2.1%). --17D-
Economics
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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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