Population Not Pleased with Deposit Accounts in AZN

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-

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