According to him, other purposes include to ensure stability of the economy and monetary policy.
CBA Chairman commented on the proposals on mortgage lending at the meeting of parliament: “The issue on house is so important. It’s incorrect to think that the state will solve all house problems. The European mortgage is 100 year old. However, it is a new method in Azerbaijan. Man principle of the mortgage is to achieve construction of cheaper houses. Today, Azerbaijan is studying Turkish experience”.
Rustamov also noted that the banks should get long-term loans to achieve long-term mortgage lending: “We are conducting negotiations with the Ministry of Finance to achieve it”.
He also spoke about the loan interest: “The interest rates are high in Azerbaijan. However, this is not a great problem. Consumer lending interest is 17%, business loan interest – 14-15%. If these banks give credits under these interests, so there is a demand for it”.
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