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 SOCAR-UNIPER joint venture inaugurated a 65 MW steam generator unit at the "Ethylene-Polyethylene" plant on Friday as part of activities held during COP 29. The project, aimed at boosting energy efficiency, is a significant milestone for the joint efforts of SOCAR and UNIPER in Azerbaijan’s chemical industry.
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French energy giant TotalEnergies is considering participation in solar and wind power projects in the Nakhchivan Autonomous Republic of Azerbaijan, a move discussed during talks in Baku on November 15 between TotalEnergies CEO Patrick Pouyanné and Azerbaijani government officials.
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Azerbaijan's Ministry of Energy, China Energy Overseas Investment Co. Ltd., and SOCAR Green LLC have signed an agreement to implement a 160 MW solar power project in the Fizuli district, Economy Minister Mikayil Jabbarov announced on social media on Wednesday.
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Azerbaijan's state oil company SOCAR announced plans on November 15 to issue green bonds in the Azerbaijani financial market to support environmentally sustainable projects.
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