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Difference between the yield of manat and foreign currency deposits increases in Azerbaijan

Michael Hoffman: Now it's clear to investors that, yield of manat and foreign currency deposits can't be the same

Baku. 21 June. REPORT.AZ/ AccessBank CJSC has the highest yield difference of the manat and foreign currency deposits among the commercial banks based in Azerbaijan. Report informs, Michael Hoffman, CEO of AccessBank said.

"The main issue is to invest public funds in manat deposits. Now it's clear to investors that the yield of manat and foreign currency deposits can not be the same. In order to attract people to the discovery of deposits in the national currency, are being offered higher interest rates", said the bank governor.

Now AccessBank offers dollar deposits by 5%, in manats 15% per annum.

The deposit portfolio grew at an annual rate of 24.7% and on April 1, 2015 amounted to 297.8 million manats. Of them, 176,8 mln. manats or 59% accounted to foreign currency, 121 mln. manats or 41% to the national currency. Household deposits increased annually by 27.6% and made 269.8 million manats.

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