Population’s AZN Deposits Rise for First Time

In June, the population's deposits in Azerbaijani banks increased by 195 million AZN, amounting to 7 billion 761 million AZN, according to the Deposit Insurance Fund.

It was the first increase in deposits since the beginning of the year. For five months deposits decreased 20.14% or 1 billion 908 million AZN.

Deposit growth coincided with the government's actions aimed at the adoption of practical steps for compensation of payments to depositors of the four banks liquidated – Zamin Bank, Para Bank, Deka Bank and Credo Bank.

This shows increased confidence to the state fulfilling its obligations, which had been undermined by two waves of sudden devaluation in 2015.

By results of 2015, deposits of the population decreased from 4 billion 422.4 million AZN to 1 billion 420.2 million AZN. Deposits were mainly converted into foreign currency.

In 2015, foreign currency deposits of the population increased almost threefold, reaching 8 billion 053.7 million AZN in freely convertible currency.

Currently, the foreign currency deposits account for about 85% of the entire deposits. -0-