Baku, Azerbaijan, Oct. 26
By Azad Hasanli – Trend:
About 19 percent of all consumer loans in Azerbaijan account for non-performing loans (NPLs), Ibrahim Alishov, executive director of the country’s Financial Market Supervisory Authority, said.
He made the remarks at a meeting of the International Coordination Council of Banking Associations of the CIS, Central and Eastern Europe in Baku Oct. 26.
He said that about 39 percent of the NPLs are overdue for more than one year.
“So we have to use alternative tools, and institution of banking ombudsman is one of them,” he noted. “As a [financial] regulator, we support creation of the banking ombudsman and hope for its fruitful functioning.”
A banking ombudsman started operating in Azerbaijan in September 2017.