In January-June decreased average lending and deposit rates in foreign currency - say the authors of the review of the Central Bank of AR (CBA).
For loans, the figure was at the level of 12.47% (minus 1.6% as of 1 January). In addition, for legal persons, the average rate, mainly on dollar loans was 8.81% (9.18%) for individuals - 20.58% (21.52%). The rate of savings and deposits of legal entities amounted to 4.13% (6%) and for individuals - 9.48% (9.78%).
The average interest rate on loans in manats was 13.98% (0.17% as of 1 January). Average rate on deposits and deposits in manats was the same as at the end of last year - 8.86%.
By manat credits for individuals, the average rate stood at 18.22% (18.53%) for legal entities - 9.89% (9.99%). For legal entities, the average rate on deposits amounted to 6.5% (5.51%), and for individuals - 9.7% (9.45%). --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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