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Bank loan rates may drop in Azerbaijan

Bank loan rates may drop in Azerbaijan

18 December 2009 15:35 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. There are plans afoot to reduce interest rates (yield) on household deposits, amove which will bring down the interest rates on loans, said Alim Guliyev, the first deputy chairman of the Central Bank of Azerbaijan.

According to him, enough liquid resources are currently accumulated in the banks which were faced with their lending problems.

"They have excessive resources because their cautious lending policy amid crisis.
Due to the global financial crisis, external funding sources for banks dried up. Some banks are now thinking about the revision of interest rates on household deposits. Several banks have taken steps in this direction, and this will affect the interest rates on loans", he added.

The average interest rate on bank deposits stands at 12-14%, and rates on loans are 20-24%.

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