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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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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