Azerbaijan sees a decline in term deposits

Azerbaijan sees a decline in term deposits
# 11 November 2008 07:44 (UTC +04:00)
The National Bank of Azerbaijan said term deposits account for 75.7% or AZN 1 403.4 million of deposits, up 43.7% on a year earlier and up 24% on earlier this year.
There has been a 1.5% monthly decline in September for the first time since early 2007.
The decline is likely to be caused by unclear-for-people statements about the global financial crisis, unpredictable dollar-manat and manat-euro moves, suspension of consumer lending in the country, banks’ foreign debts reaching a historical high and other problems. This led to a sharp decline in term deposits for the first time in eight years.
Besides, in September for the first time, deposits in national currency reached deposits in foreign currencies.
This is the result of recent dollar depreciation. Prior to this, the bulk of deposits had been held in the US dollar.
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