Central Bank of Azerbaijan: Share of business loans increases in country

By Trend

An annual percentage on the interbank money market doubled in Azerbaijan in April 2020, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a press conference on preserving the discount rate, Trend reports.

The CBA chairman noted that the annual percentage increased from four to eight percent during the month.

Rustamov noted that the share of business loans is increasing in Azerbaijan due to a decrease in consumer lending, which allows making positive forecasts against the backdrop of a decline in certain economic sectors of the country, such as trade, tourism and other areas.

In this regard, lowering the upper limit of the discount rate by one percent will give an impetus to the development of lending at the expense of the cheapening of loans, the chairman said.