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MP: Necessary to achieve lower interest rates on loans in Azerbaijan

13 November 2018 18:49 (UTC+04:00)
MP: Necessary to achieve lower interest rates on loans in Azerbaijan

By Trend

The activity of Azerbaijani banks cannot be considered satisfactory due to their high interest rates on loans, said Ziyad Samadzade, chairman of the parliamentary committee on economic policy, industry and entrepreneurship.

Speaking at the plenary meeting of the Azerbaijani parliament Nov. 13 during discussion of the state budget for 2019, Samadzade noted that it is necessary to come to a consensus and achieve lower interest rates.

The average interest rate on manat loans in Azerbaijan is 14.21 percent, and on US dollar loans is 8.9 percent, according to the Central Bank of Azerbaijan. For individuals, this figure is 17.19 percent and 15.74 percent, while for legal entities - 9.03 percent and 6.38 percent, respectively. However, in some banks, the interest rate on loans can reach 30 percent or more.

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