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Azerbaijan sees 18% growth in bank deposits

04 April 2011 13:07 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of March 1, 2011, the total amount of deposits in banks stood at AZN 5 209.8 million, up 17.6% or AZN 779.4 mln on a year earlier. However, AZN 239 mln or 4.4%-decrease was observed in deposits, during January-February, 2011.

According to CBA, the household deposits made AZN 3 142.9 mln, non-financing organizationsâ€™ deposits stood at AZN 2 066.9 mln. The share of individuals in structure of the deposits makes 60.3%.

The individualsâ€™ deposits have increased by 3%, while the growth of deposits made 29.7%.

This was caused by problems in bank crediting. Thus, serious difficulties were observed in bank crediting, during past years â€“ banks have made strict the demands on credits. This process covered the business credits, while it was only in consumption loan. As a result, the businessmen had to use their own deposits and this caused the decrease of deposit.