Central Bank: "Total liquidity of banking sector is around 14B manats"

Total liquid assets of the Azerbaijani banking sector are around 14 billion manats, which exceed the norms by more than twice, head of the credit organizations' activity control department at Central Bank of Azerbaijan Fuad Isayev told Report.

According to him, the excess liquid funds allow banks to provide both business and consumer lending: "As for interest rates, they were reduced on both consumption and business loans in the past two years. The interest rate is around 10-12% on business lending, 20% - on consumer lending. The Central Bank releases quarterly statistics.

Isayev stressed that along with mortgage lending, the excess liquidity also creates a condition for the development of mortgage lending by banks: "Some banks grant mortgage loan with an annual interest rate of 8-10%."