MP: In November, bank deposits also declined

17:22 - 28.11.2023

November 28, Fineko/ Banks also started the month of November with a reduction in their savings portfolios.

ABC.AZ reports that MP Vugar Bayramov said about this.

He added that over the past 1 month, the volume of deposits in banks has decreased from 12.705 billion manats to 12.564 billion manats:

"This means that in just 1 month there was a decrease in bank deposits by 141 million manats. Despite the fact that bankruptcy of Muğanbank affected decrease in the volume of deposits, it should be borne in mind that since the beginning of this year there has been a periodic monthly decrease in the amount of deposits."

Bayramov stressed that taxation of deposit income in banks since February has also affected the volume of deposits:

"However, expenses, as well as investments in the real sector and seasonal factors also retain their influence.

Greater attraction of savings is also important from angle of financing the real sector and reducing interest rates on loans. That is why it is so important to achieve sustainable growth of the savings portfolio.

Taking into account in the new changes the application of tax benefits to savings income again from next year was important from angle of slowing down the cuts. The recent dynamics once again confirms the need to strengthen systemic measures to direct passive funds of citizens through banks to the real sector. This will allow our citizens to earn income by turning money stored at home into deposits."


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