Ilgar Mammadov, a founding member of the Republican Alternative (REAL) Party, has criticized recent statements by Azerbaijan’s Central Bank suggesting that citizens keep large amounts of money “under their pillows,” calling the narrative misleading and politically motivated.
In a post on Facebook, Mammadov said the Central Bank leadership is well aware that most Azerbaijanis do not have excess savings that could be redirected into the banking system.
“The majority of people are barely managing their daily expenses,” he wrote. “Those who do have surplus funds already keep them in banks. There is no hidden pool of household wealth.”
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Regional Comparisons Tell a Different Story
Mammadov said the controversy emerged after opposition figures presented comparative data showing that bank deposits held by citizens and companies in Georgia and Armenia are roughly three times higher per capita than in Azerbaijan.
“That comparison clearly shows that Georgians and Armenians, on average, are significantly wealthier,” he argued, adding that the figures sparked an attempt by the ruling party to counter the narrative with claims about unregistered household savings.
According to Mammadov, cash in circulation in Azerbaijan totals around $10 billion, while in neighboring countries the figure stands at approximately $2.5–3 billion. When adjusted per capita, he said, the difference is marginal.
“The real gap becomes visible when you look at bank accounts,” Mammadov noted.
“Households and businesses in neighboring countries are three times wealthier by that measure. This is the question the government cannot answer.”
“The Issue Is Wealth Creation, Not Redistribution”
Mammadov rejected the idea that Azerbaijan’s economic challenges can be resolved by redistributing existing resources.
“For years, both the authorities and the opposition argued over how wealth should be distributed,” he wrote. “Our position is that the core problem is the failure to create new wealth.”
According to Mammadov, the current economic model and policies pursued by the ruling New Azerbaijan Party do not allow for sustainable wealth creation, either in practice or in principle.
He concluded by saying that the REAL Party offers an alternative economic vision and called on voters to support change in upcoming elections.
“Economics is about REALity,” Mammadov wrote.
