Baku, Azerbaijan, May 1
By Ilkin Shafiyev - Trend:
Azerbaijani PASHA Bank has reduced interest rates on long-term loans and deposits, Chairman of the Board of PASHA Bank Taleh Kazimov said May 1 at a press conference.
According to him, this was due to the reduction of the discount rate of the Central Bank of Azerbaijan [the rate was reduced from 13 to 11 percent on April 9].
"While at the beginning of 2017, interest rates on loans were 18-20 percent, now they are 14-16 percent. For deposits, they decreased from 12 percent to 7-8 percent”, said Kazimov.
Kazimov noted, another reason for the reduction in rates was the increase in the volume of non-cash transactions.
PASHA Bank has been operating in Azerbaijan since 2007 and is a member of PASHA group of companies – a large investment holding company in Azerbaijan, which is also widely represented in such sectors as insurance, construction, production of building materials, tourism, and other areas of business.
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