Despite the decline of the discount rate of the Central Bank of AR to 3% on July 13, at the end of September, the average interest rate of local banks in manats was 14.01% (as of 1 January at a rate of 3.75% in the CBA it was 13.81%).
The reason for that is the February devaluation of the manat and the uncertainty of banks about the future. The average rate on credits in foreign currency by October 1 stood at 12.74% (as of 1 January - 14.07%), due to the desire to attract dollar deposits and savings.
Legal entities in the form of loans to banks issued manat at an average rate of 9.97% (at the beginning of the year was 9.99%) and in foreign currency - 8.92% (it was 9.18%).
Loans to individuals in manat were given at an average rate of 17.80% (at the beginning of the year
Economics
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On January 11, Serbian President Aleksandar Vučić announced that Azerbaijan had notified Serbia about the suspension of daily gas supplies amounting to 1.7 million cubic meters due to technical problems at the Shah Deniz field.
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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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