Expert: Flow of Petrodollars Increased Supply and Demand for Foreign Currency

In September 2024, the average price of the consumer basket (CB) for 30 types of basic domestically produced food products in Baku, as compiled by Turan agency, increased by 2%.

In September 2024, the lending situation changed in three banks in Azerbaijan. These banks adjusted their interest rates for consumer loans in manats. Specifically: The annual interest rate for cash loans at Azər-Türk Bank changed from 11-17% to 11-15%. At Expressbank, the rate increased from 11% to 12%. Bank VTB Azerbaijan started offering pawn loans at an annual interest rate of 18%. In the remaining 19 banks, loan rates remained stable over the past month.

In September 2024, the situation regarding deposit acceptance changed in nine banks in Azerbaijan. The interest rates for deposits in both manat and US dollars increased. For example, the annual interest rate for deposits in the national currency for terms of up to one year rose as follows:

In August 2024 in Baku, average prices of the consumer basket (CB) for 30 types of basic food products of domestic production, compiled by Turan agency, rose by 0.6%.