Situation with deposit acceptance in banks of Azerbaijan

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 July, prices for construction materials in Baku rose by an average of 2%.

In July 2024, in Baku, the average price of the consumer basket (CB) for 30 types of basic food products of domestic production, compiled by the Turan agency, increased by 2%. In June, the average CB price decreased by 2%, in May by 0.2%, in April decreased by 2%, in March increased by 5%, in February decreased by 3%, in January 2024 increased by 1%, in December 2023 increased by 1%, in November decreased by 2%, in October by 0.5%, in September increased by 3%, in August by 0.8%, in July by 3%, in June by 7%, in May decreased by 7%, in April increased by 0.7%, in February the price decreased by 1%, in January increased by 2.6%, in December 2022 by 1%.

In July 2024, the lending situation in 4 banks in Azerbaijan changed. Banks have revised the percentage of consumer loans issued in Azerbaijani manats.  Thus, the annual interest rate on cash loans has been changed from 11-30% to 11-32% at the International Bank of Azerbaijan, from 11-15% to 11-17% at “Azər-Türk” Bank, from 10-17% to 12-17% at “Yelobank”. And “Premiumbank” began to issue cash loans at 10% per annum.