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-
Economics
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Azerbaijan is witnessing a sharp contraction in its foreign trade turnover, with data for the first half of 2024 showing a significant 38% year-on-year decline. According to the State Statistics Committee, the nation's trade turnover from January to June 2024 amounted to $21.77 billion, a steep fall from $30.3 billion recorded during the same period in 2023.
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Elnur Aliyev, Advisor to the Minister of Science and Education, stated to journalists that a per capita financing system will be introduced in schools by the end of 2026: "This is currently a pilot project. It will be implemented in a group of schools. This year, the project will be launched in several schools."
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The Cabinet of Ministers of the Republic of Azerbaijan has adopted a resolution to approve the "Rules for the Transportation of Passengers, Luggage, and Cargo-Luggage by Rail Transport." This resolution, No. 352, was signed by Prime Minister Ali Asadov and aims to improve the efficiency and quality of railway transport services in the country.
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The Cabinet of Ministers of the Republic of Azerbaijan approved a series of amendments to the excise rates on excisable goods imported into the country on July 23. The changes, ratified on January 19, 2001, and coming into force 30 days from today, aim to align tax rates with current economic conditions and trade policies.
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