The interest rates for legal entities are 10.1%, while for individuals are 16.1% in Azerbaijan, Chairman of the Central Bank Taleh Kazimov said during the discussions on the amendments to the law on the “Central Bank of the Republic of Azerbaijan" held at Milli Majlis today, APA reports.
The Central Bank Chairman noted that it is 14% for legal entities and 18.6% for individuals in Georgia: "Our interest rates are much lower than neighboring countries.
The interest rates are based on several factors.
In the conditions of high inflation, the reduction of the interest rate is not considered acceptable. This can increase inflation sharply. This is not acceptable for macroeconomic indicators. According to the forecasts of the Central Bank of Azerbaijan, inflation will be 8.3% by the end of this year.
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