Azerbaijan’s broad money supply rises 16.7% to $32.95B year over year

BAKU, Azerbaijan, October 31. As of October 1
of this year, the broad money supply (M3) in Azerbaijan stood at
56.008 billion manat ($32.95 billion).

According to Trend’s calculations based on the statistical bulletin
of the Central Bank of Azerbaijan (CBA), the M3 money supply
increased by 8.022 billion manat ($4.72 billion), or 16.7%,
compared to October 1, 2025.

During the reporting period, the manat money supply (M2) totaled
45.118 billion manat ($26.539 billion). This figure increased by
7.929 billion manat ($4.67 billion), or 21.3%, compared to the same
date last year. As of October 1, 2025, the M2 money supply stood at
37.188 billion manat ($21.88 billion).

As of October 1 of this year, the M1 money supply, which
includes demand deposits and non-bank currency in circulation,
amounted to 34.484 billion manat ($20.29 billion). This represents
an increase of 5.016 billion manat ($2.95 billion), or 17%,
year-over-year. As of October 1 of last year, the M1 monetary
aggregate stood at 29.468 billion manat ($17.34 billion).

At the same time, the volume of cash outside banks (monetary
aggregate M0) amounted to 19.126 billion manat ($11.25 billion).
Compared to the same period in 2025, the volume of M0 increased by
2.115 billion manat ($1.25 billion), or 12.4%. As of October 1 of
last year, this figure stood at 17.011 billion manat ($10.01
billion).

According to the Central Bank of Azerbaijan (CBA), as of October
1, 2026, the ratio of monetary aggregate M3 to monetary aggregate
M2 was 2.09, and the ratio of monetary aggregate M2 to monetary
aggregate M1 was 1.82.

The M3 monetary aggregate encompasses the broad money supply; M2
represents demand deposits; and M1 consists of demand deposits and
cash in circulation.