15:57 - 13.11.2023

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November 13, Fineko/abc.az. In Azerbaijan, the amount of 73% of deposits placed in banks does not exceed 30,000 manats.

ABC.AZ reports that Central Bank’s chairman Taleh Kazimov said this at today’s plenary session of Milli Majlis.

He added that decline in size of deposits has been observed since February of this year.

"It is also worrying that the share of deposits for up to one year in the total amount is 81%," the chairman said.

In addition, he stressed that one of the alarming factors is Central Bank's purchase-oriented intervention in the foreign exchange market at a time when supply exceeds demand:

"With such intervention, the money supply may increase, and it will be necessary to expand sterilization operations to prevent inflation in the future. And this, in turn, will increase costs."