BAKU, Azerbaijan, June 18
By Tamilla Mammadova - Trend:
The weighted average interest rates on term deposits in foreign currency for individuals in Uzbekistan decreased from 4.4 percent per annum in April 2020 to 3.9 percent in May 2020, and their yield, respectively, decreased by 11.4 percent, Trend reports with reference to Central Bank of the country.
As reported, the highest weighted average interest rates on deposits in foreign currency for individuals were recorded in May of this year for a period of more than one year, which amounted to 4.9 percent per annum.
The most significant drop in the weighted average interest rates was noted for deposits of citizens in foreign currency for a period of 91 to 180 days. If in April of this year they amounted to 4.4 percent per annum, the next month they amounted to 3.2 percent per annum. Accordingly, their profitability decreased by 27.3 percent.
To date, 31 commercial banks are registered in Uzbekistan. From January through May 2020, their total volume of attracted deposits in foreign currency increased by 6.9 percent to 42.7 trillion soum ($4.2 billion), and their share in the total volume of bank deposits increased from 43.9 to 45.1 percent.
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