Deposit dollarization in Azerbaijan increased by 1.5 percent in 2020

By Azernews

By Ofeliya Afandiyeva

The volume of population’s bank deposits in foreign currency increased by 1.5 percent in Azerbaijan year-on-year in the period of January-February, local media reported citing Central Bank of the Republic of Azerbaijan on March 31.

Thus, bank deposits in foreign currency amounted to $2,6bn in the reporting period and amounted to 52.6 percent of all deposits. It should be noted that the share of foreign currency deposits in 2019 was 52.2 percent.

Overall, in January-February 2020, the population's bank deposits (including funds of individuals engaged in individual entrepreneurship) increased by 1.2 percent to $5,1bn.

In addition, for the January-February period, the volume of deposits in the national currency increased by 0.2 percent to $2,4bn (47.4 percent of all deposits).

As of February 29, 2020, the volume of bank deposits of residents amounted to $4,758,612,158, while non-residents – $366,225,454.

Based on the report of the Central Bank, from the beginning of the year, deposits of residents decreased by 1.6 percent, whereas non-residents - increased by 43.1 percent.

Overall, as of March 1, the volume of savings and deposits in banks in Azerbaijan amounted to $ 14,693,251,616, which is 0.8 percent more than at the end of 2019.