Finance

Finance

Interest rates on consumer loans can be decreased in Azerbaijan

06 September 2013 09:24 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Central Bank of Azerbaijan is negotiating and working with commercial banks on decrease of interest rates on consumer loans, CB Chairman Elman Rustamov said, APA-Economics reports.

Touching upon the interest rates on loans, Rustamov noted that average interest rate on business loans in Azerbaijan makes approximately 14%, and this is at the comparable level with other countries: “Rates on consumer loans can not be considered high in comparison with neighboring countries. But in any case, the decline in consumer loans is considered necessary by the Central Bank”.

Rustamov, at the same time, declared the opinions on high-profit of banks are wrong: “The average rate of profit of banks is equal to about 3%, and it can not be considered a high figure.”