On 1 August the average interest rate in local banks in Azerbaijan amounted to AZN 13.97% (as of 1 January it was 13.81%). In the US the same figure was 12.73% (as of 1 January - 14.07%). That is, banks will continue to give preference to loans in foreign currency.
According to the information on the website of the Central Bank, the average rate on bank lending to legal entities in manat by 1 August is 9.87% (as of 1 January - 9.99%) and in US dollars they were given loans at a rate of 8.83% (9.18 %).
The average lending rate of individuals in manat in this period is equal to 18.29% (18.53%), while in the dollar and other foreign currency it is 21.46% (21.52%) with the real rate of 55.26%.
Recall, in July, the Central Bank lowered the discount interest rate to 3%, so that the banks lowered the maximum limit of the profits from the loan portfolio. However, as it can be seen, the banks are not interested in this measure, explaining that with the high costs of doing business. --17D-
Economics
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Kazakh Energy Minister Almasadam Satkaliyev said on Monday that Kazakhstan and Azerbaijan continue to discuss prospects for transporting Kazakh oil through the Baku-Supsa oil pipeline, which has been idle since spring 2022, Kazakh media reported.
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The supply of Azerbaijani gas to North Macedonia will transition to a regular basis in the mid-term, an informed source told Turan.
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In Azerbaijan, the minimum consumption basket may be reassessed next year. This was discussed during a joint meeting of parliamentary committees. The last changes to the consumption basket were made a decade ago. However, during this period, inflation has risen, and the cost of the minimum living standard has also increased. Moreover, some experts believe that the current minimum consumption basket in Azerbaijan requires significant updates, with the inclusion of additional goods and services.
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Azerbaijan's draft state budget for 2025 prioritizes strategic objectives outlined by President Ilham Aliyev, including economic growth, social development, and reconstruction of liberated territories, according to senior officials speaking at a parliamentary session on Monday.
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