Azerbaijan needs factoring companies
Azerbaijan, Baku, July 12 / Trend A. Akhundov /
There is a need to establish factoring companies in Azerbaijan, expert Rustam Rustamov said.
"There is a need for establishing these companies because they offer lower interest rates than credit and guarantees," he said. "Second, a customer does not lose his goods and third, he can always buy his goods."
He said there are presently no factoring companies in Azerbaijan.
"Only the International Bank of Azerbaijan renders these services," he said. "There is an acute shortage of specialists in this area."
"Reducing the volume of factoring transactions is connected with the fact that there are not relevant, as there is no proposal," he said.
"The banks must make proposals on this tool, but it is not enough."
He added that the development of factoring in Azerbaijan contributes to great development of industry and business in general.
"It will be very convenient for small and medium business," Rustamov said.
The official exchange rate is 0.7864 manat to $1.