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Azerbaijan sees 8% decline in M2 money supply

05 March 2009 09:46 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of February 1, M2 money supply reached AZN 5 594.7 million, up 36.6% from a year ago, said the National Bank of Azerbaijan.
However, M2 money supply declined by 8% or AZN 486.3 million in January.
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 3 896.1 million, down 6% or AZN 249.6 million from a year ago.
Besides, call deposits in the home currency decreased by 16.8% or AZN 168 million to AZN 831.3 million and term deposits in the manat dropped by 7.3% or AZN 68.7 million to AZN 867.3 million.
As of November 1, M3 broad money stood at AZN 8 009.3 million, up 41.8% on a year earlier.
However, the figure dropped by 5.7% or AZN 484.9 million in January.
M3 money supply includes M2 plus large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets.
As part of M3 stock, bank deposits in hard currency rose by 0.06% or AZN 1.4 million to AZN 2 414.6 million.