According to the Central Bank of Azerbaijan (CBA), by October 1, the average deposit rate of 32 operating banks stood at 8.75% (+ 0.67% as of 1 January), without taking into account inflation.
According to official figures, the policy of non-essential increase in the rates on deposits on the background of annual inflation (officially 11.2%, actually - 40%) still repels investors from investing funds. So, since January, public deposits decreased by 17.5%.
In general, in the reporting period, bank deposits amounted to 7 billion 813.9 million manat (minus 118 million to September 1 and minus 1.66 billion to January 1).
The average rate on deposits in foreign currency by October 1 amounted to 5.32% (minus 2.64% as of 1 January), and the reduction of interest rates in the dollar and euro has not affected the share of foreign currency deposits (81.7% of all deposits of the population, or AZN 6 billion 387.8 million). Nevertheless, the population takes off even the deposits in foreign currency (minus 20.7% to the beginning of the year). --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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