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Elman Rustamov: ‘To lower loan interest rates, risks have to be eliminated’


"The situation in respect of loan interest rates in Azerbaijan is complicated,” Chairman of the Central Bank of Azerbaijan Elman Rustamov said at a press conference today, APA-Economics reports.

 

According to him, the high rate of loans issued by banks does not stem from macroeconomic reasons.

 

"The reason for the high interest rates should be looked for in other conditions. That is, a health demand-offer ratio should be defined. As you know, the banking sector wants to evaluate the risks when issuing a loan. Measures aimed at macro-economic stability policy and normalizing monetary conditions will be continued. We should take steps with relevant agencies to eliminate the loan ecosystem and the risks associated. In the near future, we may be able to lower interest rates on loans, especially the mortgages offered by the market, to single-digit levels," Rustamov said.

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