Central bank cuts interest rates again
Azerbaijan`s central bank has ordered to reduce interest rates from
12% to 10%. The measure is aimed at increasing the demand for
crediting transactions, the National Bank of Azerbaijan (NBA)
said.
Moreover, the NBA lowered the upper limit on interest rates from 17% to 15% and the lower limit - from 3% to 1%.
Earlier, on October 14, the NBA ordered a lowering of annual interest rates on loans from 15% to 12%. The measure sought to boost activity in the domestic debt market and bolster the financial stability of Azerbaijan`s banking system.
But experts charge that a different situation is being seen in the country`s crediting market. Interest rates levied by commercial banks have risen by an average of 1-2% in the past weeks.
Moreover, the NBA lowered the upper limit on interest rates from 17% to 15% and the lower limit - from 3% to 1%.
Earlier, on October 14, the NBA ordered a lowering of annual interest rates on loans from 15% to 12%. The measure sought to boost activity in the domestic debt market and bolster the financial stability of Azerbaijan`s banking system.
But experts charge that a different situation is being seen in the country`s crediting market. Interest rates levied by commercial banks have risen by an average of 1-2% in the past weeks.
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