Baku people, according to the statistics of the Central Bank of Azerbaijan, are the wealthiest citizens of Azerbaijan - in their accounts as of 1 October were 92.7% of all bank deposits, or 6 billion 774 million 651.5 thousand AZN ( 1.9% YTD).
On average, capital deposits from the public were made at the rate of 8.1% per annum, with most of them (the equivalent of 5 billion 263 million 835.7 thousand AZN) transferred into hard currency. Contributions in manats disastrously (2.66 times) decreased from the beginning of the year, amounting to 1 billion 510 million 815.8 thousand AZN. Banks also prefer foreign currency – the deposits are accepted at a rate of 8.4% per annum, while in manats – at 7.4% per annum.
If the contributions from residents of the capital rise, in the regional offices they are reduced (minus 0.6% as of 1 October) and for the reporting period they make up 537 million 154.8 thousand manats. --17D-
Economics
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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