Baku, Azerbaijan, Nov. 7
By Emin Aliyev - Trend: As of October 1, 2013, the Azerbaijani banks reduced interest rates on loans in local and foreign currencies as compared to the figures for the same period of 2012, a statistical report of the Central Bank of Azerbaijan (CBA) said on November 7.
According to the report, the average rate on bank lending to the economy of Azerbaijan in national currency amounted to 14.14 per cent compared to 15.43 per cent as of October 1, 2012. The average rate on bank lending in freely convertible currency was 14.44 per cent compared to 15.53 per cent at the beginning of October 2012.
On October 1, 2013 the average rate on bank lending to legal entities in national currency amounted to 11.37 per cent compared to 13.47 per cent as of October 1, 2012. The average rate on bank loans to corporate clients in freely convertible currency was 10.91 per cent compared to 12.37 per cent in early October 2012.
As of October 1, 2013 the average rate on the bank lending to individuals in national currency amounted to 18.02 per cent compared to 18.48 per cent as of October 1, 2012. The average rate on bank loans to individual clients in freely convertible currency was 20.72 per cent compared to 22.42 per cent at the beginning of October 2012.
The official exchange rate on Nov. 7 is 0.7843 AZN/USD.