Azerbaijani banks raise their deposit portfolio by 7%
As of the end of February 2024, the Azerbaijani banks had a deposit portfolio worth 34,959.3 million manats.
This is stated in the banking review published by the Central Bank of Azerbaijan.
According to the document, this is down by 0.1% from the end of January.
However, the banks' deposit portfolio grew by 1.2% as compared to the end of the last year and by 7.4% over the past year.
Finance
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The main reason for the sharp - 2.6 times as compared to the same period of 2023 - rise in foreign currency sold by the State Oil Fund (SOFAZ) in January-October 2024 is the needs of the state. Expert economist Rovshan Agaev said.
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The Central Bank of Azerbaijan has issued an official warning to the Baku Stock Exchange (BSE). This is reported on the CBA website.
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As of the end of June 2024, the 'Mortgage and Credit Guarantee Fund' had deposits in Azerbaijani banks in the amount of AZN 4.6 million. This is reported in the semi-annual financial statements of the Fund.
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The Central Bank of Azerbaijan (CBA) has issued a licence for currency exchange activity (‘Exchange’) to 'Money Shop' company.
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