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
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review