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Azerbaijan sees bank deposits growing

Azerbaijan sees bank deposits growing

24 June 2009 15:29 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. As of June 1, deposits put in Azerbaijan-based commercial banks by the population stood at AZN 1 912.9 million, up 19.3% from a year ago.

However, deposits decreased by AZN 131 million in the first quarter. Deposits started to grow in April (AZN 93.1 million) and May (AZN 47.1 million).

The main reason for decline during the first quarter is attributed to the tightening of lending terms or suspension of lending loans by banks, a move which forced individuals and legal entities to finance their business operation through funding from their bank deposits.

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