Bank Of Baku

Azerbaijan Credit Unions Association members reduce average lending rate

Azerbaijan Credit Unions Association members reduce average lending rate
# 26 February 2009 16:40 (UTC +04:00)
Baku. Elnur Huseynguluev - APA-Economics. Average lending rate charged by micro-financing institutions under the roof of Azerbaijan Credit Unions Association dropped by 3 percentage points to 15% in February. The rate is usually 2 percentage points above the annual average refinancing rate set by the National Bank of Azerbaijan.
The central bank slashed refinancing rate in late 2008 and early 2009.
The Association joins 45 of 78 credit unions operating in Azerbaijan. The quarterly membership due is AZN 100.
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THE OPERATION IS BEING PERFORMED