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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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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