BAKU, Azerbaijan, Sept. 9
By Fakhri Vakilov – Trend:
Time deposits in the national currency have grown by 26.5 percent, the total deposits of the population - by 45 percent since the beginning of the year, Trend reports citing Uzbekistan’s Central Bank.
Central Bank explains such a sharp increase by the formation of positive real interest rates and, as a result, by an increase in the attractiveness of deposits. For example, in July, the average rate reached 20 percent - the highest rate in a year.
Interest on deposits exceeds the inflation rate - by August the level of annual price growth reached 11.1 percent, from the beginning of the year - by 4.8 percent.
The regulator expects to keep annual inflation at 10 percent due to the declining dynamics of core inflation and a moderately tight monetary policy.
In addition, the expansion of the Central Bank's interest rate band and a number of other measures stimulated the growth of banks' activity. The Central Bank reports an increase in the volume of banking operations by 47 percent, up to $786,1 million, and an increase in the weighted average rate of the money market up to 13 percent.
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