Stability of Azerbaijan's Monetary Policy Largely Depends on SOFAZ

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.

In July 2024, the situation with accepting deposits in 4 banks of Azerbaijan changed. Banks have revised the percentage of deposits placed in Azerbaijani manats and US dollars.