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Real interest rate on deposit drops to 2.6% in Azerbaijan

Real interest rate on deposit drops to 2.6% in Azerbaijan

05 May 2011 08:35 (UTC +04:00)

According to APA-Economics calculations, as of April 1, 2011, real annual interest rate on deposit made 2.63%.

Note that real interest rate takes the inflation into consideration. Annual inflation in first quarter made 9.1%, in Azerbaijan.

For comparison note that, the declared interest rates on deposits made 11.79%, last year, real interest rate including 5.7%-annual inflation made 6.09%. At the same time, average interest rates on deposits made 12.98% in 2009 and real interest rates including 1.5%-inflation stood at 11.48%.

So the depositors can only pay the growth of consumer prices and get 2.6%-profit from the incomes on deposits. It means, Azerbaijani banks donâ€™t take the inflation ino consideration. Besides, they did not increase the interest rates on credits according to inflation. So the banksâ€™ average credit interest rate is 16.41%, however real interest rate (including inflation) makes 7.31%.

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