Amount of compensation on Unibank’s problem loans for first 2 weeks disclosed in Azerbaijan

Business Materials 8 May 2019 16:48 (UTC +04:00)

Baku, Azerbaijan, May 8

By Kheyraddin Nasirzade – Trend:

Since April 22 till May 7, 2019, Azerbaijan’s Unibank OJSC has paid compensation on problem loans worth 33,325,705 manats to individuals, a spokesperson of the the bank told Trend.

It was said that 38,797 bank customers with problem loans have received compensation.

The compensation payment of problem loans to individuals started in Azerbaijan on April 22, 2019. The payments are made through branches of banks and Azerpost postal operator.

As expected, 602,347 people will receive compensation. The compensation is planned to be fully paid till late May 2019.

Earlier, President of Azerbaijan 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 free of charge for a period of one year. Banks and postal operator are not entitled to charge fees for issuing or conducting operations with these cards or for making money transfers.

(1.7 AZN = 1 USD on May 8)


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