Banks in Azerbaijan rising profitability on manat deposits increased

Baku. 23 September. REPORT.AZ/ Three commercial banks in Azerbaijan have increased the annual interest rate on manat deposits.

Report informs, they are AG Bank, Muganbank and NBC Bank.

According to information, AG Bank to date has set an annual interest rate on deposits in the national currency at level of 13-15%, depending on interest payments on a monthly basis or at the end of the deposit term. Previously, the annual rate of return was 12%.

Muganbank also increased profitability of deposits in national currency up to 16%. Thus, annual interest rate on manat deposits, depending on the interest payments on a monthly basis or at the end of the contribution period set at 15-16%. To date, the bank has paid dividends on manat deposits in the amount of 12-13%.

NBC Bank raised annual interest rate on manat deposits "Maximum" from 13.5 to 15%, "Avans" - from 11 to 13%, monthly deposits - from 6 to 8%.

Notably, the banks have to raise the yield on deposits in manats due to the increase from 12 to 15% of the upper limit of interest rates on deposits in a national currency covered by insurance. Annual interest rate on foreign currency deposits is 3%.