The manat average rate on bank deposits of individuals in Azerbaijan as of 1 July was 9.01% (down 0.41% YTD). According to the Central Bank of the Republic of Azerbaijan, it complies with the Deposit Insurance Fund. On deposits in foreign currency, the average rate was at 9.5% (down 0.11% YTD).
For legal entities, the average rate of 1 July on deposits in manat was 5.7% (down 0.4%), in foreign currency - 3.69% (0.71%).
The average interest rate on loans in national currency in the first half of the year kept unchanged at 14.13%. For loans in foreign currency, the average rate is 14.89% (+ 0.5%). For legal entities, the average rate at the beginning of the current half-year on AZN loans was 10.89% (minus 0.63%) and in foreign currency - 10.53% (minus 0.23%).
The average interest rate on loans in manat for individuals by July 1, was 18.04% (0.39%) and in foreign currency - 21.43% (0.69%). --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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