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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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported a 3.3% increase in its gold investments compared to last year, according to the fund's investment activity results for the second quarter of 2024. Gold investments now account for $8.57 billion, or 14.8% of SOFAZ's US Dollar Portfolio.
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Azerbaijan's Minister of Digital Development and Transport, Rashad Nabiyev, announced on the social network "X" that during the visit of Israel's Minister of Regional Cooperation, David Amsalem, to Azerbaijan, discussions were held on cooperation in innovation, space, and aviation.
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Azerbaijan is bracing for heightened expectations of currency devaluation as declining oil revenues and mounting inflationary pressures fuel concerns over economic stability, experts warn.
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A delegation led by Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with key Italian officials during an official visit to Italy, highlighting the strong and multifaceted partnership between the two countries.
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