BAKU, Azerbaijan, October 23. The Central Bank of Azerbaijan (CBA) plans to regulate remote lending in the country, the head of the Credit Institutions Supervision Department at the Central Bank of Azerbaijan Khayyam Ismayilov said during a conference on “Innovative solutions for sustainable microfinance” today, Trend reports.
“The Central Bank of Azerbaijan (CBA) plans to regulate remote lending in the country. International experience is being studied in this direction, and general conditions for distance lending will be defined taking into account local priorities. The major objective is to protect the rights of consumers and prevent them from overindebtedness,” he said.
According to him, within the framework of amendments to the legislation concerning NBCOs, the possibilities of money transfers and currency exchange without opening accounts with NBCOs are being considered.