International Bank of Azerbaijan Raises Interest Rates on Deposits
OREANDA-NEWS. October 14, 2008. The increase of rates will apply to deposits in manats and deposits in foreign currency (in Euro and US dollars). New interest rates vary depending on the term and currency of deposit. The system of "bonus" interests charged depending on the amount of deposit is also applied, reported the press-centre of International Bank of Azerbaijan.
Thus, the rates of remuneration for legal entities on deposits in manats and US dollars (depending on the currency, term and the amount of deposit) are offered from 6% per annum, while on deposits in Euro they are from 4.8% per annum.
The highest rate is offered on two-year deposits, from 10% in manats and US dollars, and from 8% in Euro, and the lowest from 1% on call deposits.
Changes in rates are introduced within the framework of Bank's policy aimed at attraction of funds from corporate clients at the domestic market. This policy has already demonstrated its efficiency, which is particularly confirmed by the growth in volume of funds borrowed from the legal entities.