In the first quarter of 2015 the real rate of loans in foreign currency banks in Azerbaijan increased by 4 times and amounted to 46.6%. The reason for this jump was the February devaluation of the manat to 33.7%, according to the Central Bank.
The average interest rate on foreign currency loans decreased from 14.07% in 2014 to 12.09% in the first quarter.
The average rate on credits in national currency increased from 13.81% in 2014 to 14.02% in the first quarter of this year. The real interest rate of national currency fell from 12.41% in 2014 to 11.22% in the first quarter of 2015.
The rate of lending to legal entities in national currency decreased from 9.99% in 2014 to 9.75% in the first quarter. The real rate decreased from 8.59% in 2014 to the current 6.95%. The interest rate on foreign currency loans decreased from 9.18% in 2014 to 8.84% in the first quarter. The real rate of loans in foreign currency also grew four times - up to 42.54%.
The average rate of lending to individuals in manat decreased from 18.53% in 2014 to 18.39% in the first quarter. The real rate decreased from 17.13% in 2014 to 15.39% in the first quarter. The rate of foreign currency loans to individuals decreased from 21.52% in 2014 to 21.42%. The real rate of foreign currency loans also increased by 4 times - up to 55.12%. -0-
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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