Finance

Finance

Azerbaijan posts 7-fold rise in non-resident individualsâ€™ long-term bank deposits

07 April 2009 15:58 (UTC +04:00)

Baku. Vugar Israfilov - APA-Economics. There is a new trend in the amount of term and call deposits in Azerbaijan-based banks, said the Central Bank.
According to the statement, as at late February, the volume of call deposits by legal entities and individuals rose by 20.2%, year-on-year while time deposits decreased by 7.7%.
The total deposit portfolio of banks grew by 1.4% to AZN 3 920.6 million over the last year. Interestingly, the proportion of time deposits in manat reached 45.4%.
The Central Bank said there is a decline in short-term time deposits and a rise in long-term time deposits.
The share of term deposits for a period of 1 to 5 years rose by 15.5 percentage points to 32.3%.
There was a 25.5% year-on-year increase in long-term deposits by individuals.
As of March 1, resident individualsâ€™ deposits amounted to AZN 1 627.8 million and non-residentsâ€™ reached AZN 185.6 million.
There was a 58.5% decline in non-resident individualsâ€™ short-term deposits and a 7-fold increase in their long-term deposits.