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Azerbaijan preparing list of persons to be compensated for problem loans

Azerbaijan preparing list of persons to be compensated for problem loans
The Financial Market Supervisory Authority of Azerbaijan (FIMSA) will publish the list of all persons who will receive compensation for problem loans in Azerbaijan after April 15, FIMSA told Trend April 12.
The informaiton will be posted on the FIMSA website. Also, the information on problem loans will be transferred to the appropriate banks, the clients of which took loans.
Azerbaijani President Ilham Aliyev earlier signed a decree on additional measures in connection with solving the issue of the individuals’ problem loans. The decree envisages the payment of compensation to citizens whose loan burden increased as a result of the devaluation of the manat in February and December 2015.
According to the decree, opportunities are created for restructuring on concessional terms of both US dollar loans and manat loans with a delay of more than 360 days.
If the amount of compensation exceeds 500 manats, then these funds will be transferred to the account of the individual; if less, the payment will be made via money transfer.
The corresponding plastic cards which will be received by individuals are issued for a period of 1 year and are free of charge. Banks and postal operator are not entitled to charge a fee for issuing or conducting operations with these cards or for making money transfers.

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