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 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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