Situation with Lending in Azerbaijani Banks

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%.

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.