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Banks Do Not Seek Funds in CBA Because of High Refinancing Rate
More than fourfold increase in the refinancing rate of the Central Bank of Azerbaijan for the period from May 2014 to September 14 this year (from 3.5 to 15%) affected the requests of local financial and credit institutions.
As stated in the CBA report, by October 1, total volumes for this position were at the level of 6 billion 475.1 million manat (minus 25 million to September 1 and minus 79.6 million to August 1).
As can be seen from the bank reporting indicators, they have not ceased to look for credit lines and simply abandoned the CBA services, seeking for foreign financial institutions applying a more gentle rate. --17D-
Economics
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