Azernews.Az

By Trend

The Financial Market Supervisory Authority of Azerbaijan (FIMSA) has proposed to reduce the average interest rate on loans, FIMSA representative Ayten Mammadova said.

Mammadova made the remarks at the annual Fitch Ratings conference in Baku, Trend reports on April 4.

"We think that interest rates are high, so we have proposed to reduce them," she said, adding that the proposals are being discussed.

Mammadova also stressed that the reforms being carried out in Azerbaijan had a positive impact on the country's economy.

“The reforms have had a positive effect on almost all sectors of the economy,” she said.

She stressed that there are a stable macroeconomic sphere and a balanced banking sector in the country.

“The savings in the national currency are increasing every year,” she said.

According to the Azerbaijani Central Bank, the average interest rates on loans in the country amounted to 14.4 percent for manat loans and 7.89 percent for loans in foreign currency in January 2019.

The rates for loans to individuals in manat amounted to 17.34 percent, while in foreign currency - 14.55 percent. For legal entities, the rates amounted to 9.31 percent and 5.95 percent, respectively.

The annual Fitch Ratings conference is being held in Baku. The participants of the event are discussing the situation in the banking sector, including the existing challenges, Azerbaijan’s macroeconomic indicators, reforms and the development of the country's economy, as well as trends in the global oil and gas market.

---

Follow us on Twitter @AzerNewsAz