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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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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