Control over Quality of Services and Goods Still Weak

In December 2024, the construction materials market in Baku experienced mixed dynamics, marked by a moderate overall decline in prices across key categories. The overall price index for construction materials in Baku dropped by approximately 2.4% compared to November, signaling a recalibration of supply and demand dynamics amidst evolving economic conditions. Experts attribute these changes to a combination of global material price adjustments, local market corrections, and seasonally subdued construction activity.

In December 2024, the average price of the consumer basket (CB) in Baku, consisting of 30 basic food products of domestic production compiled by the Turan agency, rose by 0.6%.

In December 2024, the situation regarding lending in three banks of Azerbaijan changed. The banks revised the interest rates on consumer and business loans issued in manat.

In December 2024, the situation regarding deposit acceptance in three banks of Azerbaijan changed. The banks revised the interest rates for deposits held in manat and US dollars. Thus, the annual interest rate for deposits in the national currency (manat) for one year was changed as follows: AFBBank- from 9-9.5% to 11-12%; Expressbank - from 8.5-11.5% to 10-12%; Yelobank - from 9.5-11% to 9.5-12%