Baku, Azerbaijan, June 10
By Anvar Mammadov - Trend:
Azerbaijani banks reduced the average interest rate on deposits in national and foreign currency in April 2016 compared to the same period of 2015, the Azerbaijani central bank's report said.
As of May 1, 2016, the average interest rate on deposits in national currency amounted to 7.77 percent compared to 7.85 percent as of April 1 and 8.82 percent as of May 1, 2015.
As of May 1, the average rate on deposits in freely convertible currency made up 5.84 percent compared to 6.28 percent as of April 1 and 8.31 percent as of May 1, 2015.
As of May 1, 2016, the average rate on deposits of the legal entities in national currency amounted to 5.55 percent compared to 5.43 percent as of April 1 and 5.88 percent as of May 1, 2015.
The funds on accounts denominated in freely convertible currency brought 3.42 percent, 3.37 percent and 3.93 percent respectively to the legal entities.
As of May 2016, the average rate on deposits of physical entities in national currency amounted to 8.94 percent compared to 9.19 percent as of April 1 and 9.58 percent as of May 1, 2015.
The interest rates on deposits of physical entities in foreign currency were as follows: as of May 1 - 7.08 percent, as of April 1, 2016 - 7.75 percent, as of May 1, 2015 - 9.51 percent.
Some 37 banks operate in Azerbaijan.