Bank deposits in Azerbaijan grow 11.1% year on year

The deposit portfolio of Azerbaijani banks amounted to 46.053 billion manats ($27.09 billion) as of September 1 this year.

According to Report, citing the Central Bank of Azerbaijan (CBA), this was 3.5% higher month on month, 10.4% higher than at the beginning of the year and 11.1% higher than on September 1 last year.

Non-financial organizations accounted for 50.9% of the deposit portfolio, or 23.4204 billion manats ($13.78 billion). This was 2.9% lower year on year.

Over the year, household deposits increased by 17.8% to 18.2119 billion manats ($10.71 billion), while deposits of financial institutions rose by 37.5% to 4.4207 billion manats ($2.60 billion).

During the reporting period, 25.255 billion manats ($14.86 billion) of total deposits were short-term, up 12.7% from a year earlier, while 20.798 billion manats ($12.23 billion) were long-term deposits, an increase of 9.3%.