17:19 - 12.06.2023

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June 12, Fineko/abc.az. Loans given to legal entities in Azerbaijan start at 11%, there is no 20% in this area.

ABC.AZ reports that Central Bank’s chairman Taleh Kazimov said this, when commenting on the statements about high interest rates on loans at a meeting of the Milli Majlis Committee on Economic Policy, Industry & Entrepreneurship.

The CBA chairman noted that this indicator for consumer loans is 16.1%:

“I also understand that it is difficult with high interest rates, but after all, incomes are also low. At the last session, Siyavush Novruzov cited the U.S. as an example. We need to reduce deposits to lower interest rates. But let's admit, will there be depositors who want to make a deposit at 4-5% to the bank? If we lower the deposit rates, people will not bring deposits to the bank. I haven’t seen that the interest rate on bank loans in Azerbaijan is 20-25%. It is possible that such an interest rate can be found in micro-loans.”