Azerbaijani Central Bank develops mobile application for credit rate calculation
Azerbaijan, Baku, Oct. 30 / Trend E. Aliyev /
The Central Bank of Azerbaijan (CBA) has developed a mobile application - a calculator for counting the actual annual interest rate on loans, deputy head of the CBA development department Natavan Mammadova said today at an event dedicated to the World Savings Day, celebrated on October 31.
"The Central Bank regularly organises events aimed at improving the financial literacy of citizens," she said. "Moreover, the banks operating in the country must inform borrowers of the actual annual percentage rate on loans. However, our research has shown that despite this, there are citizens who are not aware of the difference between the actual and nominal rates, or even the existence of such differences."
According to her, the CBA developed a mobile application 'FIFD Kalkulyatoru'.
"The programme has been developed for Android," she said. "The version being developed for iOS based devices is being finalised. The application will be free of charge and available for download in the Play Market and AppStore in the near future."