Bank Republic has started work on the strategy to reduce credit interest rates and simplify the procedures of consumer credits and credits for small and medium-size business as a part of the program for reduction of interest rate implemented by the Central Bank of Azerbaijan.
The bank analyzes the credit basis of the banks as well as demands and possibilities of the market. The heads of various departments of the banks and managers are involved in the work on the strategy to obtain full and different information about this issue.
One of the directions of the strategy is the possibility to increase maximum amount and reduce credit commissions as well as soft credits for various strata of population.
“The bank has already taken measures to consider the most significant factors affecting prices and consumer credits and the results of the work will be used to change the credit procedures of the bank,” Hadija Hasanova, chairman of Board of the bank, said.—0--
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review