BAKU, Azerbaijan, Sept. 15
By Fakhri Vakilov – Trend:
The average rate on bank deposits for the population of Uzbekistan in national currency reached 20.1 percent for the first time in August 2021, Trend reports citing Central Bank of Uzbekistan.
This is the highest figure in the last 12 months. Rates have been steadily growing throughout 2021, back in January they stood at 17 percent.
Meanwhile, rates on corporate deposits have stabilized at 15.2 percent - the lowest since the beginning of the year.
The Central Bank noted a significant increase in the amount of funds in soum deposits since the beginning of the year. High interest rates and low inflation were the main drivers of growth.
The even exchange rate of the soum, in turn, was supported by the growth of remittances to Uzbekistan from Russia and other countries where migrants work. For 8 months, the amount of proceeds amounted to $4.9 billion, which is 35 percent more than the same period in 2020 and 26 percent in 2019.
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