Loans get cheaper in Azerbaijan

Photo: Loans get cheaper in Azerbaijan / Economy news

Baku, Azerbaijan, Jan. 13
By Emin Aliyev - Trend:

As of December 1, 2013, the Azerbaijani banks reduced interest rates on loans in local and foreign currencies as compared to the figures for the same period of 2012.

According to the Central Bank of Azerbaijan (CBA), the average rate on bank lending to the economy of Azerbaijan in national currency amounted to 14.44 percent compared to 15.14 percent as of December 1, 2012. The average rate on bank lending in freely convertible currency was 14.52 percent compared to 15.62 percent as of early December 2012.

As of December 1, 2013 the average rate on bank lending to legal entities in national currency amounted to 11.57 percent compared to 13.06 percent as of December 1, 2012. The average rate on bank loans to corporate clients in freely convertible currency was 10.89 percent compared to 12.81 percent in early December 2012.

As of December 1, 2013 the average rate on bank lending to individuals in national currency amounted to 18.34 percent compared to 18.37 percent as of December 1, 2012. The average rate on bank loans to individual clients in freely convertible currency was 20.75 percent compared to 21.83 percent in early December 2012.

Translated by L.Z.

Edited by C.N.

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