Private banks have increased the gap between the average lending rate (14.33% by October 1, against 14.13% in 2013) and deposits (8.85% vs. 9.42%) in the national currency, the Central Bank of Azerbaijan said. Moreover, for legal persons, the average rate of 1 October on loans in manat was 11.03% (end of 2013 - 11.52%), and foreign currency - 9.9% (was 10.76%).
On loans in national currency for individuals, the average rate at the end of September 2014 amounted to 18.48% (17.65%) and in foreign currency - 21.32% (20.74%).
There is one caveat - while the concept of "average rate on deposits" is stable, the "average lending rate" ranges. Average interest rates on business loans in Azerbaijan are at the level of 18%, softened by concessional lending from NFES (5-7%). On consumer loans the same average rates and does fluctuate from 25 to 35%.
For loans in foreign currency, the average rate decreased slightly (14.3% vs. 14.39% YTD). --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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