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Interest rate on foreign-currency loans go up in Azerbaijan

Interest rate on foreign-currency loans go up in Azerbaijan

09 October 2009 15:53 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of September 1, the average interest rate on home currency loans decreased by 3.36 percentage points to 14.86% per annum, said the Central Bank of Azerbaijan.

The interest rate on manat deposits dropped 3.52 percentage points to 12.48% for legal entities and fell by 0.57 percentage points to 20.68% for individuals.

	Average interest rate		Legal entities		Individuals
	Manat	Foreign	Manat	Foreign	Manat	Foreign
01.09.2008	18.22	14.67	16.00	11.92	21.25	21.40
01.01.2009	17.45	14.52	14.87	12.37	21.53	21.52
01.09.2009	14.86	15.48	12.48	12.71	20.68	21.76

As shown in the table, average interest rate on foreign-currency loans has increased because the manat is increasing against the dollar and euro.

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