Leasing services may cheapen in Azerbaijan in 2012

Business Materials 12 January 2012 18:19 (UTC +04:00)

Azerbaijan, Baku, Jan. 12 / Trend A. Akhundov /

The interest rates on leasing are expected to decrease in Azerbaijan in 2012, the Azerbaijani-Pakistani MCB Lizinq company board chairman Ramal Jafarov said.

"The integration of the Azerbaijani economy in international markets, the increase in financial resources of the country, the population's income and other factors result in an increase in money supply in the market," he told Trend today. "This will affect the interest rate on the leasing."

He said that the interest rate will be gradually reduced.

"Today, the average interest rate depending on the product varies from 18-22 percent in the leasing market," he said. "I do not think that the decline will be more than three percent this year, as it should be done gradually. More reduction will be possible through the intervention of the state or a very big investor."

Azerbaijan has officially registered 24 leasing companies. But ten leasing companies and banks offering leasing services operate in the country.