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Azerbaijani banks continue reducing deposit rates

Business Materials 10 February 2016 20:39 (UTC +04:00)

Baku, Azerbaijan, Feb. 10

By Anvar Mammadov - Trend:

The Azerbaijani banks decreased interest rates on deposits both in national and foreign currency in December 2015, the Azerbaijani Central Bank's report as of 2015 said.

The average rate on deposits in manat made up 8.33 percent as of Jan. 1, 2016 compared to 8.08 percent as of Dec. 1, 2015 and 8.86 percent as of early January 2015, the report says.

The average rate on deposits in foreign currency amounted to 8.06 percent versus 8.25 percent as of Dec. 1, 9.24 percent as of Jan. 1, 2015.

The average rate on deposits of legal entities in manat made up 5.82 percent as of January 1, 2016 versus 5.8 percent as of December 1, 5.51 percent as of January 1, 2015.

The funds on the accounts denominated in the freely convertible currency brought legal entities 4.81 percent, 4.97 percent and six percent respectively.

As of Jan. 1, 2016, the average interest rate on deposits of physical entities in manat made up 9.14 percent, 9.33 percent as of December 1, 2015, 9.45 percent as of January 1, 2015.

The interest rates on deposits of physical entities in foreign currency are as follows: as of January 1, 2016 - 8.83 percent, nine percent and 9.78 percent accordingly.

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