Banks` work is not only about making money – President Ilham Aliyev

11:55 - 4.02.2020


February 4, Fineko/abc.az. A conference chaired by President Ilham Aliyev and dedicated to the results of the first year of the State Program of Socio-Economic Development of the Regions of Azerbaijan for 2019-23 took place on 3 February.

ABC.AZ reports that touching upon the matter of banks’ activity, President Aliyev said that as the economy grows and the economic situation improves, the discount rate also decreases. This year, it will also decrease.

"Of course, private banks should also cut interest rates, since the Central Bank has already made a relevant decision. The discount rate was regularly reduced last year and will be lowered this year. This process continues," the country’s head emphasized.

The president stressed that in general, the private banks should stimulate our economic development: "Their work is not only about making money. They must be aware of their responsibility. The state granted them a license to operate. If those banks have any problems, this license will be canceled. Lately many banks' licenses have been revoked. Therefore, they must approach their work responsibly. There should be no surprises. They should give preference to business loans. I noted this at a meeting dedicated to the results of the year. Again, this trend can be traced. Preference is given to consumer loans. Of course, this is very easy. The bank gives a consumer loan and then receives its interests. But a bank loan is needed for the country's economy, for the real sector, and for creating jobs. Therefore, I once again task the Central Bank and the relevant ministries, including the Cabinet Ministers, to take this under control and inform me regularly about the share percentages of business loans. Consumer loans and monitoring should be constant."

 

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