Baku, Azerbaijan, Sept. 4

By Zulfiyya Kurbanova - Trend:

As of August 1, 2014, the Azerbaijani banks reduced interest rates on deposits both in national and in freely convertible currency, according to the Azerbaijani Central Bank (CBA) report on the results of the first seven months of 2014.

The average rate on deposits in AZN for August 1, 2014 made up 8.98 percent compared to 9.49 percent in August 1, 2013, the statistical report of the CBA said. The average rate on deposits in foreign currency amounted to 9.47 percent versus 10.04 percent in early August 2013.

As of August 1, 2014, the average interest rate on deposits of individuals in AZN made up 9.46 percent, while on August 1, 2013, it was 9.97 percent. The average rate on deposits from individual customers in foreign currencies amounted to 10.04 percent versus 10.46 percent in early August 2013.

The average rate on deposits of legal entities in AZN made up 5.60 percent at the beginning of August this year versus 5.10 percent for August 1, 2013, the report said. The average rate on deposits from corporate clients in foreign currency amounted to 3.45 percent versus 4.16 percent in early August 2013.