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Azerbaijani population boosts nationwide bank deposits

Finance Materials 23 July 2024 23:10 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, July 23. The total volume of the Azerbaijani population's bank deposits grew by 1.43 billion manat, or $840 million (11.23 percent), as of June 30, 2024, from 12.7 billion ($7.6 billion) to 14.18 billion manat ($8.34 billion), Trend reports.

The Central Bank of Azerbaijan (CBA) data showed that Baku accounted for 87.94 percent of all bank deposits in the country (12.47 billion manat, or $7.34 billion), while the regions accounted for 12.06 percent (1.7 billion manat, or $1 billion).

Approximately 66.07 percent of the population's bank deposits, totaling 9.37 billion manat ($5.5 billion), were in the national currency, while the remaining 33.93 percent, amounting to 4.8 billion manat or $2.77 billion, were in foreign currency.

Azerbaijan's average yearly deposit rate was 3.89 percent, while Baku's was 3.8 percent.

Distribution of bank deposits by Azerbaijani regions (as of June 30, 2024):

Deposits

Average interest rate (percent)

Share of total deposit (percent)

Azerbaijan

14.18 billion manat ($8.34 billion)

3.89

100

Baku

12.47 billion manat ($7.34 billion)

3.8

87.94

Economic regions, including:

1.7 billion manat ($1 billion)

12.06

Nakhchivan

79.97 million manat ($47 million)

2.72

0.56

Absheron-Khizi

459.39 million manat ($270 million)

5.65

3.24

Mountainous Shirvan

49.77 million manat ($29.28 million)

3.52

0.35

Ganja-Dashkasan

237 million manat ($139.4 million)

5.23

1.67

Karabakh

95.57 million manat ($56 million)

3.76

0.67

Gazakh-Tovuz

121.9 million manat ($71.7 million)

4.81

0.86

Guba-Khachmaz

137 million manat ($80.6 million)

4.58

0.97

Lankaran-Astara

137.4 million manat ($80.8 million)

4.36

0.97

Central Aran

127.58 million manat ($75 million)

4.35

0.9

Mil-Mughan

53 million manat ($31 million)

2.62

0.37

Shaki-Zagatala

133 million manat ($78.2 million)

3.69

0.94

Eastern Zangezur

-

-

-

Shirvan-Salyan

77.9 million manat ($45.8 million)

3.11

0.55

To note, the overall volume of Azerbaijan's population's bank deposits increased by 1.2 billion manat, or $708.2 million (10.26 percent), year on year, from 11.7 billion ($6.9 billion) to 12.9 billion manat ($7.6 billion) as of December 31, 2023.

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