Real rate on foreign currency deposits exceeds 107% in Azerbaijan by end of 2015
Devaluation of the national currency triggered a giant surge of real rates on foreign currency deposits in Azerbaijan last year.
According to the CBA, by the end of 2015 the average deposit rate of the Azerbaijani banks made up 8.08% against 8.86% by the end of 2014 and the real deposit rate (minus annual inflation of 3.7%) reached 4.38% versus 7.46%.
The average deposit rate in foreign currency was equal to 8.06% by the end of 2015 against 9.24% by the end of 2014. The devaluation of the manat to the US dollar for 2015 made up 199%.
As deposits in euro and other currencies are small (compared to dollar assets), the real rate on currency deposits reached 107.06%.
The average rate of legal entities’ bank deposits in the national currency was equal to 5.82% against 5.51% and the real rate 2.12% against 4.41%.
The enterprises’ deposits rate in foreign currency made 4.81% against 6% and the real deposit rate – 93.81%.
The average rate of private persons’ deposits in the banks in national currency was equal to 9.14% against 9.45% and the real rate - 5.44% against 8.05%. The retail deposit rate in foreign currency made up 8.83% against 9.78% and the real rate – 107.83%.
Baku, Fineko/abc.az.
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