Azerbaijani bank intends to keep current interest rates on deposits and loans

Business Materials 6 January 2011 13:49 (UTC +04:00)

Azerbaijan, Baku, Jan. 6 / Trend N. Ismayilova /

Azerbaijani Amrahbank intends to keep the current interest rates on deposits and loans in 2011 without changes, Fazil Huseynov, a member of the bank board, director of financial management department, said.

"The rates on deposits and loans will not be changed, because now they are most appropriate for the bank. The bank intends to reconsider the rates only if the situation on the market requires it," Huseynov said.

He said that today the average rate on loans is 24-26 percent and deposits - 12-13 percent.

At present, a consumer credit is given by the bank at a rate of 30-36 percent for up to two years. A maximum loan hits 2,000 manat. Microloans are given by the bank up to 30 percent per annum for 18 months for up to 5,000 manat. Auto loans are granted for up to three years at a rate of 18 percent, with the maximum amount worth 50,000 manat.

Established in 1993, Amrahbank is one of the leading commercial banks of Azerbaijan. It offers a wide range of retail and corporate banking products. Amrahbank has one of the largest branch networks and customer base in Azerbaijan.

Recent strategic partnership with the Bahrain based International Investment Bank (through a 49 percent shareholding) has played a major role in further developing many areas of Amrahbank including corporate governance, international cooperation and quality of product and services.

The official exchange rate is 0.7977 manat to $1.