Markets Review
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In the first nine months of 2024, food prices in Baku rose by 5%, indicating inflationary pressure in Azerbaijan’s domestic market. An analysis of a consumer basket composed of 30 basic food items by the Turan agency revealed a complex picture: while some products increased in price, others became cheaper, highlighting the uneven nature of price movements in the food sector.
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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%.
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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.
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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:
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