Details added (first version posted on 17:12)
Baku, Azerbaijan, Aug. 18
By Maksim Tsurkov - Trend:
The Central Bank of Azerbaijan has twice lowered the tariffs for interbank payments made through the AZIPS system (national interbank real time payment system), the CBA said August 18.
By its other decision, the CBA introduced changes to tariffs for spending cash, according to the message. So, 0.15 percent tariff, applied to large denomination bank notes (50 and 100 manats), has been eliminated. Tariffs for the secondary, subsequent withdrawal and receipt of cash during the day were established at 0.05 percent.
"These solutions are aimed at encouraging a decrease in interest rates," said the message. "The solutions will support optimization of operating costs of banks and reduction of prime cost of financial resources."
The CBA also made a number of decisions, which will serve to strengthening corporate social responsibility, while at the same time they will encourage financial lending institutions to offer products that meet the needs of consumers.
In order to protect the rights of consumers of banking services and the transparency of the cost of credit products, the CBA has approved "Methodological guidance on responsible lending in banks and non-bank credit organizations". This guidance provides recommendations to credit institutions on determination of conformity of monthly debt load of consumers to their income, as well as assessment of equivalence of credit conditions with the needs and goals of consumers.
"The use of the methodological guidance in a whole will develop the credit institutions' skills of responsible lending and consumers' skills of responsible borrowing," said the message. "The adoption of guidance is an important step towards a unified approach in the area of consumer lending."
Against the background of recent events in the region and the world economy, the central bank will continue to take measures to preserve macroeconomic stability, economic growth and diversification of the national economy, as well as measures to enlarge access to financial services of economic entities, ensure responsible lending, lower interest rates on loans.
Edited by CN
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