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Azerbaijan's Central Bank seeking to introduce single-digit interest rates - chairman

Finance Materials 9 December 2020 15:48 (UTC +04:00)
Azerbaijan's Central Bank seeking to introduce single-digit interest rates - chairman

BAKU, Azerbaijan, Dec. 9

By Zeyni Jafarov - Trend:

Interest rates on loans in Azerbaijani banks remain high and the Central Bank of Azerbaijan (CBA) is seeking to introduce the single-digit interest, Chairman of the CBA Elman Rustamov said.

Rustamov made the remark at a meeting of the Committee on Economic Policy, Industry and Entrepreneurship of the Azerbaijani Parliament, Trend reports.

According to him, very serious objective realities are behind the formed interest rates on loans. In particular, interest is a profitable resource of Azerbaijani banks. This profit is directly related to risk factors in the banks. Therefore, first of all, it’s necessary to reduce the risks of the banking sector.

At the meeting, the head of the Central Bank also stressed that the vast financial sector of Azerbaijan faces great challenges, and the stability of the entire financial sector is important to achieve all the goals set for it by the head of state.

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