Today.Az » Business » Azerbaijan may lower interest rates on bank loans
12 December 2011 [16:00] - Today.Az
The Central Bank of Azerbaijan’s (CBA) desire to lower interest rates on bank loans should not be assessed as an attempt to put the administrative pressure on the banks, CBA chairman Elman Rustamov said.
"The banks themselves regulate customer relationships and no one has the right to put the administrative pressure on them. It should not be construed as if the State, the Central Bank wants to put pressure on banks to ensure that they have lowered interest rates. We need to create macroeconomic conditions, so that interests automatically decreased through market principles,” Rustamov said.
He said the process of declining the bank interest rates on loans is underway. "We see this trend, particularly in post-crisis period, but we want a more significant decline. If we want to diversify the economy, we must take action to reduce the cost of capital, and one of the sources of this capital are bank loans," Rustamov said. He said along with this interest on bank deposit also should go down.
/Trend/
|
|
