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
-
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.
-
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.
-
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.
-
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.
Leave a review