AZN 1 billion – for purchase of household appliances and mobile phones

AZN 1 billion – for purchase of household appliances and mobile phones

“Loans to purchase household appliances and mobile phones constituted 15% of the consumer loans issued by commercial banks”.

According to the newspaper “Echo” that the statement came from the chairman of the Center for Economic and Social Development (CESD) Vugar Bayramov.

According to him, the share of loans granted for the purchase of household appliances and mobile phones has remained unchanged.

“But the amount continues to increase.”

It should be noted that Azerbaijan has seen the rapid growth in consumer lending.

Growth in consumer loans is associated with the growth of incomes of the population, Vugar Bayramov said. After all, for the payment of interest rates, household income must be high, he said.

There is another side of the issue, Vugar Bayramov said.

“The fact is that the income growth leads to an increase in demand for domestic products and mobile phones. Monthly payments on loans that are issued to purchase the are not so high. So people do not feel any problems in their payment and make the borrowings willingly”, Bayramov concluded.
Source: www.news.az

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