Banks in Azerbaijan ready to cut interest rates on loans in case of deposit rate cuts

15:55 - 4.04.2019

April 4, Fineko/ Banks in Azerbaijan are ready to reduce interest rates on loans.

Commenting on the proposal of the Financial Market Supervision Authority on the new requirements relating to loan rate cuts, PASHA Bank’s member of board Bakhruz Nagiyev stated that banks can agree to reduce interest rates on loans.

"But this is possible only if the deposit rates are reduced as well. If depositors agree to keep their money in banks at interest rate of 6-7% per annum, then banks will also be ready to give loans cheaper," Nagiyev underlined.