OREANDA-NEWS. August 29, 2008. In July 2008 Azerbaijani banks’ deposit basis reduced by 2.3% with Jan-Jul term growth of 27.2%.

The National Bank (NB) of Azerbaijan informs that by 1st August 2008 overall bank deposits and newly-opened deposit accounts of individuals and juridical entities totaled AZN 4,049.1 million against AZN 4,143.2 million by 1st July 2008, AZN 3.18 bn by 1st January, and AZN 2.324 bn by 1st July 2007. Of them manat deposits amounted AZN 1,723.4 million and the balance on deposits in foreign currency.

This July it was viewed 6.3% (+20.3% for Jan-Jul term) growth of individuals’ deposits and 4.6% (+33.1%) growth of juridical entities’ deposits.

By 1st August 2008 individuals’ newly opened deposits in the country’s banks amounted AZN 1,766.2 million (versus AZN 1.6 bn by 1st June and AZN 1.468 bn by 1st January 2008). By 1st August 2008 legal entities’ deposits reached AZN 2,282.8 million versus AZN 2,181.6 million and AZN 1.715 bn respectively. By this August individuals’ deposits and newly-opened deposit accounts in national currency (manats) totaled AZN 926.7 million and in freely convertible currency AZN 839.5 million.

Legal entities’ deposits in manats amounted AZN 612.8 million and in freely convertible currency AZN 1,486.1 million.

By 1st August 2008 average manat deposit rate was 11.37% versus 11.37% by 1st July and 11.36% by early 2007. If to take into account consumer inflation of 13%, the real deposit rate was -1.63%. Average rate of deposits in foreign currency made 9.52% against 9.63% and 12.22% respectively.

By 1st August 2008 average rate of legal entities’ manat deposits totaled 10.07% versus 10.05% by 1st July and 9.68% by early 2008 and real rate -2.93%. Average rate of corporate clients’ deposits in foreign currency was 5.19% versus 5.11% and 7.68% respectively.

By 1st August average rate of individuals’ manat deposits reached 12.71% versus 12.75% by 1st July and 12.47% by early 2008 and real rate -0.29%. Average rate on individuals’ deposits in foreign currency made 12.93% versus 12.97% by July and 12.47% by early 2007.