Central Bank instructs Azerbaijani banks to increase number of business loans
A joint meeting between the representatives of the Azerbaijan Banks Association and heads of leading commercial banks to further evaluate the execution of instructions of President of Azerbaijan Ilham Aliyev to optimize consumer loans, increase the number of business loans and implement other reforms was held at the Azerbaijani Central Bank (CBA).
“The issues of enhancing lending for the real sector of the economy and compliance with business loan priorities, as well as the allocation of soft loans for the development of small and medium-sized enterprises were discussed at the conference,” the message said.
The event was dedicated to the results of the first year of the implementation of the "State Program on socio-economic development of regions of the Republic of Azerbaijan for 2019-2023".
“In particular, CBA gave additional instructions for further increasing the number of business loans,” the message said. “During the discussions, the impact of the prudential regulation requirements used to promote business loans and regulate the consumer credit growth rates was assessed. In general, the new regulatory standards were adopted. The issues of improving the access to the financial services in the district, especially in rural areas, were thoroughly discussed.”
“The instructions were also given to strengthen the internal control system in banks and take appropriate measures to increase the risk management potential,” the message said.
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