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Loans in Azerbaijan continue to cheapen

Business Materials 8 February 2014 18:26

Baku, Azerbaijan, Feb. 8

By Emin Aliyev - Trend:

As of January 1, 2014 the Azerbaijani banks have reduced interest rates on loans in local and foreign currencies, as compared with the data for January 1, 2013.

The average rate on bank lending to the economy in national currency totalled 14.13 percent, compared to 15.20 percent on January 1, 2013, according to a statistical report from the Central Bank of Azerbaijan (CBA).

The average rate on bank lending in freely convertible currency was 14.39 percent compared to 15.80 percent in early January 2013.

As of January 1, 2014, the average rate on bank lending to legal entities in national currency amounted to 11.52 percent, compared to 13.32 percent as of January 2013.

The average rate on bank lending of corporate clients in freely convertible currency was 10.76 percent compared to 13.22 percent in early January 2013.

As of January 1, 2014 the average rate on bank lending to individuals in national currency was 17.65 percent, compared to 18.25 percent on January 1, 2013.

The average rate on bank loans to individual customers in freely convertible currency was 20.74 percent compared to 22.06 percent in early January, 2013.

Translated by E.A.

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