Baku, Azerbaijan, May 31
By Anvar Mammadov – Trend:
Azerbaijan needs to adopt a law on protection of creditors’ rights, Zakir Nuriyev, head of Azerbaijan Banks Association (ABA), told reporters in Baku May 31.
“It is very difficult to achieve active development of crediting without this law,” he said.
Nuriyev noted that currently, the interest rates on deposits accepted by banks are very high, and this affects lending rates.
It is difficult for small and medium enterprises, and even large businesses, to attract loans with high interest rates, and adopting such a law would help develop lending in Azerbaijan.