Baku, Azerbaijan, July 13
By Azad Hasanli – Trend:
The average interest rate on deposits in Azerbaijani banks increased in national currency but decreased in foreign currency in May 2016 compared to April 2016, the Azerbaijani Central Bank’s (CBA) report said.
The average rate on bank deposits in manat made up 7.78 percent in May 2016 compared to 7.77 percent in April 2016 and 8.81 percent in May 2015.
The average rate on deposits in foreign currency amounted to 5.42 percent as of June 1, 2016 compared to 5.84 percent in April 2016 and 8.38 percent in May 2015.
The banks drew deposits of legal entities in manat in the amount of 5.49 percent per annum in May 2016 compared to 5.55 percent and 5.95 percent in April 2016 and May 2015 accordingly.
The funds on the accounts denominated in the freely convertible currency brought 3.17 percent to legal entities in May 2016, 3.42 percent in April 2016 and 4.03 percent in May 2015.
As of June 1, 2016, the average interest rate on deposits of physical entities in manat made up 8.95 percent compared to 8.94 percent as of May 1 and 9.66 percent as of June 1, 2015.
The interest rates on deposits of physical entities in foreign currency are as follows: 6.94 percent in May 2016, 7.08 percent in April 2016 and 9.5 percent in May 2015.
Some 37 banks operate in Azerbaijan (including two state-owned banks).