Interest rates on deposits in national currency increase in Azerbaijan

Economy Materials 13 August 2016 17:15 (UTC +04:00)

Baku, Azerbaijan, Aug. 13

By Azad Hasanli – Trend:

In June 2016 the average interest rate on deposits in Azerbaijani banks in national currency increased in comparison with the previous month, while the rate on deposits in foreign currency remained unchanged, according to the report of the country’s central bank.

The average rate on bank deposits in manats was 7.85 percent compared to 7.78 percent in the previous month and 8.86 percent - in June 2015, according to the bank. In June, as in May, the average rate on deposits in foreign currency amounted to 5.42 percent, while in June 2015 it amounted to 8.47 percent.

In June 2016, banks attracted deposits of legal entities in manats at 5.57 percent per annum. In May 2016 and June 2015, this figure was 5.49 and 6.5 percent, respectively. Funds on accounts denominated in foreign currency, brought legal entities 3.5 percent in June 2016, 3.17 percent in May and 4.13 percent in June 2015.

The average rate on deposits of individuals in manats amounted to 9.04 percent as of July 1, 2016. This indicator as of June 1 was equal to 8.95 percent, and as of July 1, 2015 – to 9.7 percent.

Interest rates on deposits of individuals in foreign currency were as follows: 6.73 percent in June, 6.94 percent in May, 9.48 percent in June 2015.

As many as 37 banks operated in June including two state-owned ones in Azerbaijan.