TODAY.AZ / Business

Loans in Azerbaijan drop in price

07 July 2014 [15:35] - TODAY.AZ
As of June 1, 2014, the Azerbaijani banks reduced interest rates on loans in local and foreign currencies compared to June 1, 2013, the statistical report of the Central Bank of Azerbaijan said.

The average rate on bank lending to the economy of Azerbaijan in national currency amounted to 14.05 percent for the reported period compared to 14.19 percent as of June 1, 2013, the report said.

The average rate on bank lending in freely convertible currency made up 14.39 percent compared to 14.61 percent at the beginning of June 2013.

As of June 1, 2014, the average rate on bank lending to legal entities in national currency amounted to 10.71 percent versus 11.65 percent compared to June 2013. The average rate on bank lending to corporate clients in freely convertible currencies amounted to 9.93 percent compared to 11.03 percent at the beginning of June 2013.

The report noted that on June 1, 2014, the average rate on bank lending to individuals in national currency amounted to 18.08 percent compared to 17.89 percent as of June 1, 2013. The average rate on bank loans to individual customers in freely convertible currency was 21.37 percent compared to 21.44 percent at the beginning of June, 2013.

Inflation in Azerbaijan made up 1.7 percent in January-May 2014 compared to the same period last year.

There are 44 banks operating in Azerbaijan.

The official exchange rate on July 3 is 0,7844 AZN / USD.


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