The director of the analytical group on financial organizations at the international rating agency Fitch, Dmitry Vasilyev, has spoken about the situation with bank deposits in Azerbaijan.
The expert noted that today the banking deposit base is quite stable. The analyst also added that after the February weakening of the manat, capital flight from the country wasn’t really large. People just converted their savings from the national currency into foreign ones, mostly in dollar-denominated deposits.
"In other words, this is not a withdrawal of money from the banking system and ‘repackaging’ into other assets,’’ Dmitry Vasiliev said.
The representative of Fitch said that dollarization of deposits will continue for about a year, as external factors, especially the price of oil, don’t allow savings to be kept in the national currency, Trend reports.
