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Azerbaijani population increases belief in national currency - ANALYSIS

18 October 2012 13:22 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of September 1, 2012, share of manat deposits in total deposits placed in Azerbaijan-based commercial banks rose 6.5 percentage points to 56.7%. According to APA-Economicsâ€™ calculation based on Central Bankâ€™s statistical data, this index has risen 1.3 percentage points since early 2012.

As of September 1, 2012, total deposits were equal to AZN 4,462.6 mln, of which AZN 2,531.3 mln was in manta. In turn, AZN 721.7 mln of this was demand deposits, AZN 1,809.6 mln â€“ term deposits. Analysis indicates that, demand deposits in manat rose AZN 160.4 mln or 28.6%, term deposits â€“ AZN 533.2 mln or 41.8%. So, population increased belief in national currency.

For comparison to note that, term deposits rose AZN 89.2 mln or 5.5% year-on-year. This index proves that, population prefer manta deposits.

Note that, populationâ€™s preferring national currency is very significant and positive index. This was mainly caused by remaining of manat stable, even strengthening against dollar in 2011 and 2012.