Azerbaijan increases interest rates on consumer loans issued via credit cards

By Trend

The rates on consumer loans issued via credit cards in the Azerbaijani manat increased by 1 percentage point and amounted to 25 percent in Azerbaijan in 2021, Trend reports referring to the Central Bank of Azerbaijan.

At the same time, average rates on loans through credit cards in foreign currency increased to 7 percent in 2021 against 3 percent in 2020.

For other consumer loans, a decrease in rates was observed in 2021. In particular, the average rate on consumer loans for the purchase of household equipment reached 21 percent (an increase of 2 percent), on loans for housing repairs – 21 percent (a decrease of 3 percent), for the purchase of a car – 17 percent (a decrease of 2 percent).

For other types of consumer loans, the average rate on loans in the national currency was 21 percent in 2021 (23 percent in 2020), and in foreign currency – 4 percent (5 percent in 2020).