Bank deposits in Azerbaijan lose profitability

Finance Materials 4 May 2019 14:06 (UTC +04:00)

Baku, Azerbaijan, May 4

By Kheyraddin Nasirzade - Trend:

In March 2019, the average interest rate on deposits and investments in Azerbaijani banks decreased in both national and foreign currencies, when compared to the same period of 2018, Trend reports referring to a report by the Central Bank of Azerbaijan (CBA).

According to the report, the average rate on bank deposits and deposits in manats was 9.35 percent, compared to 9.53 percent a month earlier, and 10.06 percent in March 2018.

The average rate on deposits in foreign currency was 2.25 percent, whereas a month earlier it stood at 2.24 percent, and 2.82 percent in March 2018.

In March 2019, banks attracted deposits of legal entities in manats at 4.86 percent per annum. In February 2019 and March 2018, this indicator stood at 4.87 and 5.38 percent, respectively. Funds in accounts denominated in foreign currency brought 1.45 percent of income to legal entities in March 2019, 1.43 percent of income in February 2019, and 1.38 percent in March of 2018.

As of April 1, 2019, the average rate on deposits of individuals in manats was 9.79 percent. This indicator was equal to 10.00 percent by late February 2019, and 11.04 percent in March 2018.

Interest rates on the deposits of individuals in foreign currency were distributed at 2.64 percent in March 2019, 2.64 percent in February 2019, and 3.43 percent in March 2018.

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