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Azerbaijani citizens to get compensation for problem loans in euros and rubles

6 March 2019 18:19 (UTC+04:00)
Azerbaijani citizens to get compensation for problem loans in euros and rubles

By Trend

The decree of the President of Azerbaijan Ilham Aliyev on problem loans also covers loans in rubles and euros, Vusal Gasimli, Executive Director of the Centre for Analysis of Economic Reforms and Communication, said during a live broadcast on Facebook, Trend reports.

Gasimli noted that loans in euros and rubles will be converted into US dollars at the rate of the Central Bank for February 21 and December 21, 2015. Compensation will be issued in manats, regardless of the currency which the loan was taken in, he added.

On February 28, President Ilham Aliyev signed a decree on additional measures for addressing issues of problem loans of natural persons in Azerbaijan.

The decree provides for the payment of compensation to citizens whose credit burden increased as a result of the devaluation of the manat in February and December 2015. The decree also creates opportunities for restructuring on concessional terms of both the US dollar and manat loans with a delay of more than 360 days.

Also, banks will receive preferential loans under a state guarantee in the amount of up to 682 million manats as part of the decree.

In order to prevent deterioration of the currency position of banks, they will also be provided with securities worth up to 215 million manats with an annual interest rate of 0.5 percent for the allocated loan.

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