Azerbaijan may expand business loan programs - Central Bank

Azerbaijan may expand business loan programs - Central Bank

BAKU, Azerbaijan, Oct. 30

By Zeyni Jafarov – Trend:

The expansion of support programs for entrepreneurs in connection with restrictive measures within the fight against the COVID-19 coronavirus pandemic is the near future prospect, Chairman of the Central Bank of Azerbaijan Elman Rustamov said during an online press conference, Trend reports.

“These steps will be synchronized with the actions of the Azerbaijani government,” Rustamov said.

“The prudential easing measures determined by the CBA in connection with the coronavirus pandemic (COVID-19) were originally envisaged till late September, but were later extended until the end of this year,” the chairman added. “The applications worth 1.4 billion manat ($823 million) for the restructuring of loans have been submitted.”

Regarding the business loans, Rustamov said that at the moment, 20,000 applications have been submitted, of which 88 percent have been fulfilled.

“It is planned to support the business in the coming period,” the chairman said. “There are 31,000 applications on consumer loans totaling 111 million manat ($65 million), of which 87 percent (96 million manat that’s $56 million) have already been fulfilled. Some 1,800 applications worth 103 million manat ($60 million) on mortgage loans have been submitted.”

An online press-conference of the Central Bank of Azerbaijan dedicated to the decision of the Central Bank's board on the parameters of the interest rate corridor was held on Oct. 30.

(1 USD = 1.7 AZN on Oct. 30)

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