Stabilization of Azerbaijan’s economy affects repayment of bad loans
Baku, Azerbaijan, March 28
By Anvar Mammadov – Trend:
Stabilization of Azerbaijan’s economy has positively affected the repayment of bad loans, Samir Mustafayev, director of the Baku Collection Agency (BOA), told Trend March 28.
“Since mid-2017, the situation with bad loans has gradually become normal,” he said. “This is mainly due to the stabilization of the Azerbaijani economy after the devaluation of the Azerbaijani national currency, the manat. Over the past 6-7 months there has been an increase in the population’s solvency, borrowers have begun to repay their debts. This mainly applies to the category of borrowers who faced temporary financial difficulties.”
He said that the BOA is always ready to help such clients in repaying the debt.
“I would like to note that recently the loan repayments have increased,” Mustafayev said. “Dynamics compared to last year improved but I cannot provide accurate data. We will receive this data after the end of the first quarter of 2018.”