Bank deposits of Azerbaijani population increases by nearly 12%

As of October 1, 2024, the deposit portfolio of Azerbaijani banks amounted to over 38.335 billion manats ($22.55 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

According to CBA, this figure is 2.5% more month-on-month, 3.7% more compared to the beginning of the year, and 12% more year-on-year.

About 56% of this, or 21.475 billion manats ($12.63 billion), belonged to non-financial organizations, which is 10.3% more year-on-year.

During the year, household deposits increased by 11.5% to 14.164 billion manats ($8.33 billion), while deposits of financial institutions decreased by 30.8% to 2.695 billion manats ($1.585 billion).

During the reporting period, 22.95 billion manats ($13.5 billion; increased by 5.1% during the year) of total deposits were short-term, while 15.377 billion manats ($9.04 billion; increased by 24.2%) were long-term.

There are 22 banks operating in the country.