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Azerbaijan sees 54% rise in money supply

04 December 2008 14:16 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of November 1, M2 money supply reached AZN 5 443.8 million, up 23.7% on earlier this year and 54.1% on a year earlier, said the National Bank of Azerbaijan.
However, M2 money supply declined AZN 70.7 million or 1.3% in October.
M2 money supply includes total cash in circulation outside banks (M0), the amount in demand accounts, current accounts, term deposits in national currency.
Cash money supply which means cash outside the central bank (M0) made AZN 3 636.4 million, up 34% on early this year and up 70% on a year ago.
Cash money supply accounted for 66.8% of M2 money supply. This indicator was 61.6% in early this year and 60.6% in November last year.
That is to say the share of cash money supply is growing.
As of November 1, M3 broad money stood at AZN 7 608 million, up 29% on earlier this year and 47.7% on a year earlier. M3 money supply includes M2 plus bank deposits in hard currency which reached AZN 2 164.2 million, up 33.7% on early this year and up 44.7% on a year ago.