15:41 - 2.02.2021

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February 2, Fineko/abc.az. The Central Bank will soon submit to the Economic Council of Azerbaijan the matter of creation of a savings bank.

ABC.AZ reports that this was announced by CBA’s chairman Elman Rustamov.

He noted that mortgage products can play very important role in supporting the economic growth:

"In many countries, including Russia, mortgages play quite an important role in economic activity. Investments of 1 manat in the construction sector provide an increase to about 4.5-5 manats. We’ve long been engaged in the model of savings and construction banks. Once, we created the mortgage system for the first time in the South Caucasus, and then we had plans to create a savings & construction bank. But this question does not depend only on us. There should be general agreement in the government on this question. In the near future, we’ll submit this issue to the Economic Council for discussion. The matter is currently at the stage of justification."

By Elmir Murad