BAKU, Azerbaijan, February 7. The average interest rates for various consumer loans in Azerbaijan have come to light, drawing from data gathered at the tail end of last year.
The data obtained by Trend from the Central Bank of Azerbaijan indicates that credit card loans in national currency saw an uptick, with average interest rates climbing to 26 percent. In contrast, loans issued in US dollars maintained a stable rate of 5 percent. The rise in the national currency rate marks a 2 percent increase compared to the end of 2023, when the rate stood at 24 percent.
In addition, household appliance loans in national currency saw an average interest rate of 25 percent, while home renovation loans declined slightly to 16 percent, a drop of 1 percent. Car loans also saw a reduction, with interest rates falling by 1 percent to 10 percent. Meanwhile, other consumer loans saw a 3 percent increase, bringing their average rate to 20 percent.