Compensation for problem loans to be available in post offices in Azerbaijan
By Trend
Owners of problem loans of non-bank credit organizations and closed banks will be able to receive compensation in the offices of Azerpoct LLC, Azerbaijan’s postal operator, in cash or cashless form, Trend reports with reference to Azerpoct LLC.
Compensation will be paid in two forms - by money transfer and by plastic cards.
If the amount doesn’t exceed 500 manats, then payments will be made in cash, otherwise by plastic cards.
An SMS will be sent to an Azerbaijani citizen’s phone number that was provided when receiving the loan, this SMS will contain information on the amount of compensation paid to the individual, information on the organization that provided the loan, the date when the money transfer will be made, etc.
Compensation payment services on problem loans are free of charge.
Azerbaijani President Ilham Aliyev has previously 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 dollar loans and manat loans with a delay of more than 360 days.
Also, as part of the decree, banks will receive preferential loans under a state guarantee in the amount of up to 682 million manats as part of the decree.
The banks will be provided with securities worth up to 215 million manats with an annual interest rate of 0.5 percent through the issued loan to prevent deterioration of the currency position of banks.
(1.7 manats = 1 USD on April 5)
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