12:38 - 22.12.2023

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December 22, Fineko/abc.az. Retail deposits in the system have increased by 70% since the end of 2016.

ABC.AZ reports that this is reflected in S&P Global Ratings’ forecast on Azerbaijan.

"We are not aware of any bank defaults because of massive withdrawal of deposits over the past 5 years, including after the revocation of Muganbank’s license in October 2023. The share of non-resident deposits, which we consider more volatile than resident deposits, grew up to 5% (2.5 bn manats) at the end of 2022 from 1.4% in 2021, mainly due to cash inflows from Russia. However, this is significantly lower than in Georgia (18%) and Armenia (20%)," the forecast says.