CBAR reserves down US$ 59.8mn m/m in September 2016
Reserves of the Central Bank of Azerbaijan decreased 1.4% m/m (-41.1% y/y) in September 2016 to US$ 4.1bn.
New currency auction rules introduced
CBAR announced a new mechanism for currency auctions, effective October 5, 2016. Under this mechanism, commercial banks can buy and sell FX in the auctions and the final weighted average exchange rate is announced at the end of the auction day.
SOCAR crude oil exports down 36.3% y/y in September 2016
SOCAR exported 1.4mn tons of crude oil in September 2016, down 36.3% y/y (-9.4% m/m). In 9M16, crude oil exports were down 7.1% y/y to 15.1mn tons. Monthly average price of BTC FOB Ceyhan crude was down 0.2% m/m (-3.5% y/y) to US$ 47.3/bbl.
SOCAR exports crude oil belonging to the company as well as to the Azerbaijan state.
Tax revenues slightly above the budgeted level
According to the Ministry of Taxes, its tax revenues in 9M16 stood at AZN 4.9bn, or 100.2% of the budgeted figure. However, compared to 9M15, revenues are down 3.3% y/y. In monthly terms, revenues in August 2016 were up 8.6% y/y to AZN 574.2mn.
NPL ratio up to 9.5% in August 2016
Non-performing loans were up 5.9% m/m (+19.4% y/y) to AZN1.6bn in August 2016, corresponding to 9.5% of the total loan portfolio, a record high level. In the same month, commercial banks’ loan portfolio was up 0.8% m/m (-16.2% y/y) to AZN 16.8bn, driven by a 6.8% m/m increase in mortgage loans.
Deposit dollarization slightly up
Compared to the previous month, the deposit dollarization ratio was up 1.0ppts to 81.0%, while the loan dollarization ratio was down 0.3ppts to 48.0% in August 2016. Excluding deposits of non-residents and the central government, the deposit dollarization ratio was up 1.3ppts to 73.4%.
