Deposits in Azerbaijani banks reduce by AZN 19 million versus 2018


October 2, Fineko/abc.az. Retail deposits at banks of Azerbaijan fell to the lowest level since this April. According to Central Bank’s report data, as of 1 September the banks had AZN 8.56 bn of deposits (AZN 19 million less than in March 2019).

Commenting on CBA’s report, Center for Economic & Social Development’s head Vugar Bayramov stated that in general, at the beginning of last month the volume of deposits decreased by AZN 154 million against early April: "This April banks stored AZN 8.715 bn as deposits. In early July the figure was AZN 8.736 bn and in June AZN 8.622 bn. Official figures show that even with the growth of banks’ loan portfolio, the deposits of citizens do not increase. The drop in the volume of retail deposits at banks is linked with quite low percentage of deposits and incomplete restoration of confidence to banks."