Banking
Average rate on manat loans is 15.79% while the policy rate is 6.5%
In September 2026, the weighted average manat loan rate reached 15.79% — the maximum in the available history, while the CBA policy rate has been stated at 6.5% since February 5, 2026.
Azerbaijan's deposit base grew, but dollarization reversed upward
By August 2026, deposits reached 46,052.98 million manats, 11.1% more than a year earlier, but the share of foreign currency deposits rose by 0.82 percentage points over the month — to 35.54%.
Manat deposit rate: 9.16% in September versus 9.47% in March
The average manat deposit rate in September 2026 was 9.16% — above last year's 9.05%, but below the March peak of 9.47%. This is a benchmark for comparing bank terms, not the return on a specific deposit.
Cash outside banks in August 2026 barely changed, while broad aggregate M2 grew
In August 2026, M0 remained almost at the July level, while M2 added a noticeable amount. This divergence shows that money supply growth that month did not come through cash.
Azerbaijan's loan portfolio is growing, but the national currency is getting more expensive
The outstanding stock of loans to the economy rose by 14.5% year on year, while the average rate on loans in the national currency climbed to 15.79% — the expansion of the portfolio is not being driven by cheaper money.
Money base down, M2 up: what this means for business
In July 2026, the money base declined from June, while M2 and M0 rose. We examine why end-of-month stocks do not provide an unambiguous signal about monetary conditions.
Loans Grow Faster Than Deposits, but Are Getting More Expensive: The Decision Boundary for a Borrower
The outstanding stock of loans to the economy grew by about 12.9% over the year, deposits by 6.5%, and the average rate on manat loans rose to 15.74%. We examine why this is not a reason to expect an easing of conditions.
Azerbaijan's Deposits: Balance Growth Amid a Decline in the Foreign Currency Share
By the end of July 2026, Azerbaijan's deposit base reached 44,501.1 million manats, while the share of foreign currency deposits declined to 34.7% versus 38.2% a year earlier.
Credit More Expensive Than Deposits: What the Rate Gap in Manats Shows
The average manat rate on loans in August 2026 was 15.74%, on deposits — 9.12%. The gap persists, but by itself it proves neither a rise in funding costs nor an increase in margin.
Deposit rate in manats: August pullback amid annual growth
The average manat deposit rate in August 2026 declined from July but remained above last year's level — this changes not the direction, but the sensitivity of the cost of funding.
Azerbaijan's Money Supply: Broad Aggregate Grows More Slowly Than Narrow One
M3 at the end of July 2026 was 53,925.49 million manats, 13.1% more than a year earlier. Over the same year M2 added 19.6%, and this changes the meaning of the observation.
Cash Outside Banks Grows Slower Than Broad Money Supply
M0 and M2 stocks at end-July 2026 are at the maximums of the available series, but the annual growth of M2 noticeably outpaces the growth of cash outside banks.
Manat money supply has grown. But will loans become cheaper?
M2 grew by 19.6% year-on-year by the end of July. The CBA notes excess banking liquidity, but the September AZIR does not yet prove cheaper business loans.
Khalg Bank Opens Branch in Khankendi
Khalg Bank continues to expand its service network. On July 3, 2026, a new branch of the bank opened in the city of Khankendi.
ABB Customers See Duplicate Charges Due to Technical Glitch
International Bank of Azerbaijan (ABB) has informed customers about a technical issue causing duplicate transactions on their cards.
Banks May Ease Collateral Requirements for Farmers
Azerbaijani banks are ready to ease collateral requirements for farmers, says Agriculture Minister Majnun Mammadov.
Kapital Bank to Pay Dividends to Shareholders
An extraordinary general meeting of shareholders of Kapital Bank OJSC will be held on July 28 at 11:00.