Significant Increase in Deposits in Azerbaijani Banks a Positive Trend for Economy
Azerbaijani Banks’ Deposit Portfolio Exceeds $23.77 Billion
As of March 1, 2024, the deposit portfolio of Azerbaijani banks has reached over 40.42 billion manats, which is equivalent to more than $23.77 billion, according to the Central Bank of Azerbaijan (CBA).
This represents a 0.6% increase compared to the previous month, a 0.4% increase since the beginning of the year, and an 8.8% increase year-on-year.
Non-financial organizations account for about 54.3% of the deposit portfolio, with almost 21.959 billion manats ($12.917 billion), marking a 1.8% increase compared to the previous year.
Household deposits have seen a significant increase of 11.8% to 14.836 billion manats (almost $8.727 billion) over the year, while deposits of financial institutions have grown by 56.9% to more than 3.625 billion manats ($2.132 billion).
The breakdown of total deposits shows that approximately 23.835 billion manats ($14.02 billion) are short-term deposits, which have increased by 2.5% over the year. Long-term deposits, on the other hand, amount to almost 16.586 billion manats ($9.756 billion), showing a significant increase of 19.3%.
This data indicates a positive trend in the deposit portfolio of Azerbaijani banks, reflecting growth and stability in the financial sector.
