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Central Bank: Loan interest reducing temp is not satisfactory

10 July 2015 14:45 (UTC +04:00)

Baku - APA-Economics. Today, chairman of the Central Bank of Azerbaijan Elman Rustamov has met with heads of Azerbaijan-based banks.

CBA told APA-Economics that they discussed several actual issues of banking sector, as well as access to financial services, interest rates and responsible lending.

CB Chairman told banks though they always pay attention to the strengthening of the economic development priorities and social responsibility regarding individual lending, the loan interest reducing temp is not satisfactory. He said that the banks should use all opportunities and resources in abovementioned directions.

Moreover, Limitation of commission fees with 1% during consumer lending will significantly reduce the effective interest rate on loans.

Banks demonstrated constructive position and said they will carry out complex works taking instructions into account.

Central Bank says it will work jointly with the banks to reduce the interest rates.