Even understated at least three times, the official (10.5%) annual inflation made unfavorable storage of money by the Azerbaijani population on deposit accounts.
As stated in the report of the Central Bank of Azerbaijan, in January-April the average deposit rate of local banks stood at 7.77% (by January 1 - 8.08%), that is, based on the State Statistics Committee figures, the real deposit rate was minus 2.73%.
The average rate on deposit accounts of the population in foreign currency by May 1 stood at 7.08%. This means, if these accounts were opened before the devaluation of February 21 last year, the benefits approximately doubled, and if they were opened before December 21 – by a half.
With regard to the accounts of legal entities, the average rate on their bank deposits in AZN by May 1 stood at 5.55% (January 1 - 5.82%), with the corresponding loss due to the devaluation, and in foreign currency - 3.42% (4.81%). --17D-
Economics
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Russia could partially reroute its natural gas supplies to European countries through Turkey and Bulgaria, bypassing Ukraine, using the "Balkan Stream" and the Trans-Balkan Pipeline, according to Alexei Belogoryev, Director of Research at the Institute of Energy and Finance.
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Representatives of Azerbaijan's Land Transport Agency (AYNA) and the State Customs Committee visited the Julfa and Poldasht border checkpoints to address challenges in cargo transport and enhance border efficiency with Iran.
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The Azerbaijani government has adopted new guidelines to facilitate employment for individuals with special social protection needs and those facing difficulties in securing jobs. The resolution, approved on December 29 by the Cabinet of Ministers, outlines targeted programs aimed at job creation through public-private collaboration.
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The Cabinet of Ministers of Azerbaijan has approved new regulations to facilitate targeted employment programs aimed at supporting individuals with special social protection needs and those facing employment challenges. The measures, under the State Employment Agency, seek to enhance job creation in priority economic sectors.
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