Issuance of compensation for problem loans in Azerbaijan to start soon
By Trend
It is planned to start paying compensation under the decree of President Ilham Aliyev on additional measures in connection with the resolution of the issue of problem loans to individuals by the end of April, Elshan Allahverdiyev, spokesman for the Financial Market Supervisory Authority of Azerbaijan (FIMSA), said at the presentation of the portal on compensation and restructuring of problem loans to individuals, Trend reports.
"If a citizen is a client of a functioning bank, he will receive a message from this bank regarding compensation, and if a citizen is a client of a non-bank credit organization or a bank in the process of liquidation, he will receive a notification by mail," said Tural Feyzullayev, head of the legal department of the FIMSA.
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.
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