Azerbaijan's IBA cuts interest rates on deposits
The International Bank of Azerbaijan has reduced the interest rates on deposits since October 1.
The Bank announced that the new interest rates ranging from 2 to 6.75 percent depending on the placement period, currency and frequency of interest payments.
|
Deposit term |
In manat |
In dollars |
||
|
Interest payment |
monthly interest payment |
annual interest payment |
monthly interest payment |
annual interest payment |
|
120 months |
6.5% |
6.75% |
5.5% |
5.75% |
|
84 months |
6.0% |
6.25% |
5.0% |
5.25% |
|
60 months |
5.5% |
5.75% |
4.5% |
4.75% |
|
48 months |
5.0% |
5.25% |
4.0% |
4.25% |
|
36 months |
4.5% |
4.75% |
3.5% |
3.75% |
|
24 months |
4.0% |
4.25% |
3.0% |
3.25% |
|
18 months |
3.5% |
3.75% |
2.5% |
2.75% |
|
12 months |
3.0% |
3.25% |
2.0% |
2.25% |
IBA was founded in 1992. It is the largest bank of Azerbaijan. Currently, a 51.07 percent stake in the capital of the bank is owned by the state, 48.93 percent – by private shareholders.
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