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Interest rate on foreign-currency loans go up in Azerbaijan

Interest rate on foreign-currency loans go up in Azerbaijan

14 December 2009 15:29 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of November 1, the average interest rate on home currency loans decreased by 1.22 percentage points to 16.23% per annum, said the Central Bank of Azerbaijan.

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

	Average interest rate		Legal entities		Individuals
	Manat	Foreign	Manat	Foreign	Manat	Foreign
01.01.2009	17,45	14,52	14,87	12,37	21,53	21,52
01.11.2009	16,23	18,35	14,40	16,06	20,73	23,93

According to the statistics, the manat increased 0.2% against eh dollar and 7.2% against the euro during January-October.
So, the bank increased interest rates to insure themselves against foreign currency risks.

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