Azerbaijan, Baku, March 12 / Trend A.Akhundov /
In the second half of 2012 interest rates on products relating to leasing companies in Azerbaijan will change, Jeyhun Naghiyev, Director General of the Azerbaijani leasing company Ansar Leasing, established by the Islamic Corporation for the Development of the Private Sector (ICD and member of the Islamic Development Bank), told Trend on Monday.
"In the second half of 2012 the country will see very different picture emerge of the interest rate level on leasing. A trend toward lower interest rates has already taken shape," said Naghiyev.
At present the average interest rate on leasing depending on the product varies within the range of 18-22 per cent per year. On this and a number of other indicators, leasing is lagging behind its main competitor, bank lending.
However the integration of the Azerbaijani economy into international markets, the increase in the financial resources of the country, as well as improved income levels and other factors will affect the interest rates, chairman of the Azerbaijani-Pakistani company MCB Lizinq Ramal Jafarov told Trend on Monday.
"We shouldn't expect a reduction in interest rates of more than three per cent this year as this process must be gradual. Greater reduction is possible through the intervention of the state or the appearance of a very large investor," said Jafarov.
As many as 24 leasing companies have been officially registered in Azerbaijan, but only 10 and the banks are operating leasing services.