Azerbaijan suspends issuance of dollar-denominated loans (UPDATE)

Business Materials 5 April 2016 10:05 (UTC +04:00)

Details added (first version posted on 09:30)

Baku, Azerbaijan, Apr.5

By Azad Hasanli - Trend:

Azerbaijani banks suspended the issuance of consumer loans in foreign currency on Apr.5 for a period of one month, said the message from the Financial Market Supervisory Body.

The decision was made during the meeting of the Supervisory Body.

Nevertheless, the Financial Market Supervisory Body retains the right to prolong this period.

In order to ensure the financial stability and protect the consumer rights, to carry out in-depth and comprehensive analysis in the sphere of issuing foreign currency loans, it was decided to set new regulatory frameworks within a month.

Addressing the meeting, Rufat Aslanli, head of the Board of Directors of the Financial Market Supervisory Body talked about loans issued in manats and foreign currencies and the status of these loans following the devaluation.

Deputy head of the Board of Directors of the Body, Nigar Mammadova, for her part, spoke about the structure and quality of banks' loan portfolios.