Website for compensation of problem loans presented in Azerbaijan (UPDATED)
Baku, Azerbaijan, Mar. 28
By Sara Israfilbayova – Trend:
Azerbaijan’s Financial Market Supervisory Authority (FIMSA) held a presentation of a portal dedicated to the restructuring and payment of compensations for individuals’ problem loans, Trend reports.
Chief of Management at FIMSA Orkhan Ismayilov said during the presentation of the portal that citizens will be able to see the amount of compensation to be allocated under the decree of President Ilham Aliyev on additional measures in connection with solving the issue of the individuals’ problem loans.
In general, with the help of the portal, citizens will be able to get detailed information about their credit debt, the amount of compensation, including what part will be received by the borrower, and which will be used to pay off the debt, and the ways of restructuring a loan, among other things.
Detailed information about the portal can be found at pk.fimsa.az.
Azerbaijani President 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 on concessional terms of both US dollar loans and manat loans with a delay of more than 360 days.
Also, as part of the decree, banks will receive preferential loans under a state guarantee in the amount of up to 682 million manats as part of the decree.
The banks will be provided with securities worth up to 215 million manats with an annual interest rate of 0.5 percent through the issued loan to prevent deterioration of the currency position of banks.
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