Situation with Deposit Acceptance in Azerbaijani Banks

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 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%.

In August 2024, the situation with lending in 4 banks changed in Azerbaijan. Banks have revised interest rates on consumer loans in manats. Thus, Bank Avrasiya has increased the annual interest rate on mortgage loans (real estate collateral) from 12% to 12-14%.

In August 2024, the situation regarding deposit acceptance changed in one bank in Azerbaijan. Specifically, Access Bank increased its annual interest rate on classic deposits in manat from 9-9.5% to 9.5-10% for a one-year term. In the remaining 21 banks, deposit interest rates remained stable last month. The tables below show: Table 1 displays the annual interest rates for classic deposits, and Table 2 shows the rates for savings deposits.