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Date of beginning of restructuring loans in Azerbaijan announced

Date of beginning of restructuring loans in Azerbaijan announced
Next week, Azerbaijan will begin restructuring loans under the decree of President Ilham Aliyev on additional measures in connection with solving the issue of the individuals’ problem loans, Zakir Nuriyev, Chairman of the Azerbaijan Banks Association (ABA), told on the air of the AzTV state TV channel, Trend reports.
He noted that a single credit form for restructuring loans was already approved.
Speaking about the decree, Nuriyev stressed that it is one of the most revolutionary documents in the financial sphere of the country signed by the Head of State. The decree reaches over 600,000 people. According to Nuriyev, addressing the issue of problem loans will help improve the welfare of borrowers.
"The decree will not only improve the social well-being of the citizens, but will also help improve the financial situation of banks," the Chairman of the Association added.
The payment of compensations for problem loans began in Azerbaijan on April 22, 2019. Commenting on the first day of payment, Nuriyev noted that neither banks, nor citizens had encountered any problems. "The first day can be considered a success. This gives us the confidence that we will be able to provide compensation payments to all citizens in the future,” he said.
The compensation payment of problem loans to individuals started in Azerbaijan on April 22, 2019. As expected, 602,347 people will receive compensation.
Previously, Azerbaijani President Ilham Aliyev 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 both US dollar loans and manat loans with a delay of more than 360 days on concessional terms. If the amount of compensation exceeds 500 manats, these funds will be transferred to the account of the individual; otherwise, the payment will be made via money transfer.
The corresponding plastic cards to be received by individuals are issued for a period of one year free of charge. Banks and postal operator are not entitled to charge fees for issuing or conducting operations with these cards or for making money transfers.

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