Baku, Azerbaijan, Sept. 4
By Zulfiyya Kurbanova - Trend:
As of August 1, 2014, the Azerbaijani banks increased interest rates on loans in local and foreign currencies compared to August 1, 2013, the statistical report of the Central Bank of Azerbaijan said.
The average rate on bank lending to the economy of Azerbaijan in national currency amounted to 14.36 percent for the reported period compared to 14.33 percent as of August 1, 2013, the report said.
The average rate on bank lending in freely convertible currency made up 14.64 percent compared to 14.83 percent at the beginning of August 2013.
As of August 1, 2014, the average rate on bank lending to legal entities in national currency amounted to 11.09 percent versus 11.47 percent compared to August 1, 2013. The average rate on bank lending to corporate clients in freely convertible currencies amounted to 10.54 percent compared to 10.98 percent at the beginning of August 2013.
The report noted that on August 1, 2014, the average rate on bank lending to individuals in national currency amounted to 18.49 percent compared to 18.36 percent as of August 1, 2013. The average rate on bank loans to individual customers in freely convertible currency was 21.33 percent compared to 21.86 percent at the beginning of August, 2013.
There are 44 banks operating in Azerbaijan.