Interest rates in national currency down in Azerbaijan

Business Materials 14 September 2016 10:06 (UTC +04:00)

Baku, Azerbaijan, Sept. 14

By Anvar Mammadov – Trend:

In July 2016 the average interest rate on deposits in Azerbaijani banks in both national and foreign currency decreased in comparison with the previous month, according to the report of the country’s central bank.

The average rate on bank deposits in manats was 7.71 percent compared to 7.85 percent in the previous month and 8.41 percent in July 2015, according to the bank. In July, the average rate on deposits in foreign currency amounted to 5.14 percent, while in June it was 5.42 percent and in July 2015 it stood at 8.36 percent.

In July 2016, banks attracted deposits of legal entities in manats at 5.63 percent per annum. In June 2016 and July 2015, this figure was 5.57 and 5.0 percent, respectively. Funds on accounts denominated in foreign currency, brought legal entities 3.47 percent in July 2016, 3.5 percent in June and four percent in July 2015.

The average rate on deposits of individuals in manats amounted to 8.84 percent as of Aug. 1, 2016. This indicator as of July 1 was equal to 9.04 percent, and as of Aug. 1, 2015 – to 9.67 percent.

Interest rates on deposits of individuals in foreign currency were as follows: 6.33 percent in July, 6.73 percent in June, 9.39 percent in July 2015.

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