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Bank lending to economy in local currency slightly rises in price in Azerbaijan

Economy Materials 7 October 2014 12:00 (UTC +04:00)

Baku, Azerbaijan, Oct. 7

By Maksim Tsurkov - Trend:

The Azerbaijani banks increased interest rates on loans in local currency and reduced the rates in foreign currency.

The average rate on bank lending to the economy of Azerbaijan in national currency amounted to 14.31 percent for this period compared to 14.26 percent as of September 1, 2013, the Central Bank of Azerbaijan's report as of late August 2014 said.

The average rate on bank lending in freely convertible currency made up 14.54 percent compared to 14.56 percent as of early September 2013.

The average rate on bank lending to legal entities in national currency amounted to 10.96 percent compared to 11.45 percent as of September 1, 2013. The average rate on bank lending to corporate clients in freely convertible currency amounted to 10.12 percent compared to 10.89 percent.

As of September 1, 2014, the average rate on bank lending to physical entities in national currency amounted to 18.29 percent compared to 18.21 percent as of September 1, 2013.

The average rate on bank loans to individual customers in freely convertible currency was 21.10 percent compared to 21.20 percent as of early September 2013.

Around 44 banks operate in Azerbaijan.

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