Interest rates on loans may decrease in Azerbaijan
Baku, Azerbaijan, Feb. 28
By Azad Hasanli - Trend:
Interest rates on loans may decrease in Azerbaijan, Nukri Tetrashvili, director of TBC Kredit, a non-bank credit organization, said in an interview with Trend.
Tetrashvili noted that competition in Azerbaijan’s lending market will grow, and this in turn should lead to cheaper borrowings. He added that the average interest rate on loans will decrease from the current 29 percent to 25 percent, and then it may fall even lower.
As for the microcredit market, especially in Azerbaijani districts, he said that since the end of 2017 and the beginning of this year, the non-bank credit organizations have been gradually restoring lending, but whether the market participants will be active enough is still an open question.
In the period after the devaluation of the Azerbaijani national currency, the manat, TBC Kredit, just like other market participants, suspended lending, however, it later resumed the lending and was almost the only market player issuing loans, Tetrashvili said.