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CBA does not expect decrease in deposits due to profit taxation

BAKU, Azerbaijan, The Central Bank of Azerbaijan does not expect a decrease in deposits due to profit taxation, said CEO of the CBA Togrul Aliyev during the press conference dedicated to the changes in interest rate, Trend reports.


According to him, neither the number of deposits nor their volume is expected to decrease.


“Earlier, the State Tax Service adopted a law on the exemption of profits on deposits for seven years, but in February this period ended and the bank will continue to monitor the market in the present situation,” he added.


Only the amount of profit will be taxed, and not the entire amount of the deposit.


Source: TREND State News Agency