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Cash outside banks declines by 6% in Azerbaijan

Cash outside banks declines by 6% in Azerbaijan

05 March 2009 15:33 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of February 1, cash outside banks stood at AZN 3 896.1 million, up 54.4% from a year ago, said the National Bank of Azerbaijan.
However, the figure declined by 6% or AZN 249.6 million in January.
Cash money to money supply in the manat (home currency) ratio increased by 2 percentage points to 70%. The ratio rose by 8.4 percentage points in 2008.

The share of cash in the money supply:

By practice, the share of cash supply is 5-10% in the developed economies and higher in developing economies.
This shows that cash money plays excessive role in the economy, settlement, payment, transfers and other fields. Cash money supply has continued to grow over the past two years.
The National Bank of Azerbaijan plans several measures to increase cashless settlement in 2009.

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