Population Withdrew 1.66 Billion Manat from Accounts in January-September 2016

According to the Central Bank of Azerbaijan (CBA), by October 1, the average deposit rate of 32 operating banks stood at 8.75% (+ 0.67% as of 1 January), without taking into account inflation.

According to official figures, the policy of non-essential increase in the rates on deposits on the background of annual inflation (officially 11.2%, actually - 40%) still repels investors from investing funds. So, since January, public deposits decreased by 17.5%.

In general, in the reporting period, bank deposits amounted to 7 billion 813.9 million manat (minus 118 million to September 1 and minus 1.66 billion to January 1).

The average rate on deposits in foreign currency by October 1 amounted to 5.32% (minus 2.64% as of 1 January), and the reduction of interest rates in the dollar and euro has not affected the share of foreign currency deposits (81.7% of all deposits of the population, or AZN 6 billion 387.8 million). Nevertheless, the population takes off even the deposits in foreign currency (minus 20.7% to the beginning of the year). --17D-