Bloomberg: Azerbaijan’s Banks Halt Foreign-Currency Sales as Crisis Deepen

Bloomberg: Azerbaijan’s Banks Halt Foreign-Currency Sales as Crisis Deepens Vugar Bayramov: “The manat will continue to lose as long as demand for the dollar exceeds offer by many times at auctions organized by the central bank”. Banks in the Azeri capital completely halted foreign-currency sales as demand by businesses and households soared and the manat continued to depreciate against the dollar. None of the 15 lenders visited in central... Read More

New Decline in the Azerbaijan’s currency reserves

New Decline in the Azerbaijan’s currency reserves The Central Bank of Azerbaijan (CBA) has reported that foreign currency reserves declined from $ 8.52 billion US in June 2015 to $ 8.43 billion US in July 2015. Decline of CBA currency reserves in July 2015 totaled $18.9 million US (-0.2%). In 2015 their fall is still $5.257 billion US (-38.2%). Since August 2014 they have fallen by $ 6.69 billion US (-44%). For comparison, CBA currency reserves... Read More

Baku, the capital city, accounts for 93% of deposits of population

Baku, the capital city, accounts for 93% of deposits of population By results of 2012 Baku again became a leader in attraction of deposits by the banks.  According to a report of the Central Bank of Azerbaijan, the volume of banking deposits in the capital city as of 1 January 2013 made AZN 4,754,300,000 at the average rate of annual 8.5%. Deposits in national currency made  AZN 2,693,100,000 as of the beginning of the year in Baku, average rate-7.8%,... Read More

Banks increase rates on deposits in manats

Banks increase rates on deposits in manats On 1 August, the average interest rate on deposits and deposits in national currency – manat in Azerbaijani banks amounted to 10.36% against 10.33% on July 1, 10.26% on January 1, and 10.69% on August 1, 2011 year. According to the Central Bank of Azerbaijan (CBA), the average rate on bank deposits in foreign currencies amounted to 10.77%, while on 1 July the rate was 10.79%,on 1 January –... Read More