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Azerbaijan sees decline in personal savings - ANALYSIS

Azerbaijan sees decline in personal savings - <span style="color: red;">ANALYSIS

05 March 2015 09:03 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. As of February 1, 2015, personal savings made AZN 15,135,000,000, up AZN 2,451,700 or 19.33% from previous year.

Central Bank of Azerbaijan told APA-Economics that compared to December, the deposits fell AZN 318.7 mln or 2.06% in January.

Regarding currencies, 7,330,000,000 or 48.4% of savings are in manat, 7,805,000,000 or 51.6% in foreign currency.

In January-December, 2014, the banks received 7,743,500,000 or 50.1% in manat, 7,709,800,000 or 49.9% in foreign currencies.

Compared to December, 2014, the manat savings dropped 1.7% in January of 2015.

Savings in manat fall, in foreign currency rise

During the reporting period, the personal savings were equal to AZN 7,121.3 mln, up AZN 669.9 mln or 10.38% from 2014’s January. 4,276.3 mln of personal savings were in manat, 2,845 mln in foreign currencies. Manat savings rose 346.5 mln year-on-year. However, compared to December, 2014, manat savings slipped AZN 146.1 mln in January, 2015. Savings in foreign currencies rose 79 mln. Share of manat savings dropped to 60.05%, while it was 61.5% in December. That’s the banks received 4,422.4 mln in manat, 2,766 mln in foreign currencies.

Generally, the personal savings descended AZN 67.1 mln January, 2015. At the same time, personal savings have started to decline since December, 2015. That’s compared to November, manat savings in December shed AZN 59.7 mln, compared to December, AZN 146.1 mln in January. This should be caused by 33.5% of devaluation of manat.