Manat deposit rates decrease in Azerbaijan

Baku, Azerbaijan, Jan. 18

By Azad Hasanli – Trend:

The average interest rate on deposits in banks of Azerbaijan decreased both in national and foreign currency in November 2017, the Azerbaijani Central Bank’s report said.

According to the report, the average rate on bank deposits in manats made up 10.3 percent in November 2017 compared to 10.33 percent in October 2017 and 6.36 percent in November 2016.

The average rate on deposits in foreign currency amounted to 3.05 percent in November 2017 compared to 3.33 percent in October 2017 and 4.68 percent in November 2016, the report said.

According to the report, the banks drew deposits of legal entities in manats in the amount of 5.17 percent per annum in November 2017 compared to 5.42 percent and 3.79 percent in October 2017 and November 2016 accordingly.

The funds on the accounts denominated in the foreign currency brought 1.39 percent to legal entities in November 2017, 1.37 percent in October 2017 and 3.2 percent in November 2016, the report said.

As of Dec. 1, 2017, the average interest rate on deposits of physical entities in manats made up 11.74 percent compared to 11.83 percent as of late October 2017 and 10.18 percent in November 2016, the report said.

According to the report, the interest rates on deposits of physical entities in foreign currency are as follows: 3.76 percent in November 2017, 4.1 percent in October 2017 and 5.6 percent in November 2016.

(1.7001 manats = 1 USD on Jan. 18)

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