The average amount of interest income on bank deposits of the population was 5.49% in 2015.
According to the report of the Central Bank of Azerbaijan on the basis of the year, the banking system depositors paid 521.4 million AZN. At the end of the last financial cycle bank deposits amounted to AZN 9.5 billion (based on the devaluation of the national currency and the conversion rate under the CBA, which is nominally 31.9% more than by 31 December 2014). Recall that the double devaluation "dropped" the manat to the US dollar twofold, that is, the actual contributions of the population sank by 68.1%.
In addition, the CBA notes that the volume of deposits of the population at present exceeds the amount of loans, including consumer ones. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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