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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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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