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
-
S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
-
In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
-
A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
-
Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
Leave a review