Appeals Commission for problem loans formed in Azerbaijan [UPDATE]

22 April 2019 13:09 (UTC+04:00)

By Trend

An Appeal Commission for considering appeals related to the presidential decree on additional measures in connection with solving the issue of the individuals’ problem loans has been formed under the Financial Market Supervisory Authority of Azerbaijan (FIMSA), Trend reports.

According to FIMSA, numerous appeals continue to be received in connection with the issue of problem loans. In accordance with the law, all appeals are reviewed within 15 business days or within 30 business days if additional evaluation is necessary. If there is a need for additional information or for sending a request to other structures, appeal review period may also take 30 days.

The compensation payment of problem loans to individuals begins in Azerbaijan on April 22, 2019. As expected, 602,347 people will receive compensation.

Earlier, 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 1 year free of charge. Banks and postal operator are not entitled to charge a fee for issuing or conducting operations with these cards or for making money transfers.

---

Follow us on Twitter @AzerNewsAz