Decrease in deposit rates continues in Azerbaijan
Baku, Azerbaijan, Mar. 6
By Azad Hasanli - Trend:
The Azerbaijani banks continue to reduce interest rates on deposits both in national and in freely convertible currency, according to the Azerbaijani Central Bank (CBA) report on the results of January 2015 posted on its website Mar.6.
The average rate on deposits in manats for February 1, 2015 made up 8.82 percent compared to 9.42 percent in February 1, 2014, the statistical report of the CBA said. The average rate on deposits in foreign currency amounted to 8.93 percent versus 9.66 percent in early February 2014.
As of February 1, 2015, the average interest rate on deposits of individuals in manats made up 9.41 percent, while on February 1, 2014, it was 9.8 percent. The average rate on deposits from individual customers in foreign currencies amounted to 10.05 percent versus 10.19 percent in early February 2014.
The average rate on deposits of legal entities in manats made up 5.66 percent at the beginning of February 2015 versus 5.59 percent for February 1, 2014, the report said. The average rate on deposits from corporate clients in foreign currency amounted to 4.36 percent versus 3.35 percent in early February 2014.
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