Deposits in Azerbaijan’s banks rise by nearly 11%

As of July 1, 2024, the deposit portfolio of Azerbaijani banks amounted to just under 38.213 billion manats (just over $22.478 billion), Report informs, referring to the Central Bank of Azerbaijan (CBA).

Data shows that this is 2 percent more than the previous month, 3.4 percent more than the beginning of the year, and 10.7 percent more compared to July 1, 2023.

Some 55.1% of the total deposit portfolio, or 21.051 billion manats (just under $12.383 billion), fell to the share of non-financial organizations, which is 9.1 percent more year-on-year.

During the reporting period, household deposits grew by 11.2 percent year-on-year and exceeded 14.180 billion manats (over $8.341 billion), and deposits of financial organizations rose by 20.5% and amounted to just over 2.981 billion manats (over $1.753 billion).

Of the total deposits, 23.022 billion manats (over $13.542 billion) were short-term, and almost 15.191 billion manats (approximately $8.935 billion) were long-term, representing an increase of 1.5 percent and 28.3 percent year-on-year, respectively.

Overall, 22 banks are operating in Azerbaijan.