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Azerbaijan's Central Bank reveals number of applications from consumers, investors in 2020

Finance Materials 17 March 2021 15:36
Azerbaijan's Central Bank reveals number of applications from consumers, investors in 2020

BAKU, Azerbaijan, March 17

By Zeyni Jafarov –Trend:

The Central Bank of Azerbaijan (CBA) received over 18,130 applications from consumers and investors in 2020, the CBA told Trend.

According to the bank, 15,650 of the total number of applications sent to the CBA were related to the banking sector, over 2,260 - to the insurance sector, and 216 were received from capital market participants.

“After viewing the complaints from consumers and investors, 372 mandatory instructions were given to the controlled entities, of which 186 and 117, respectively, were directed to the banking and insurance sectors, and 69 were provided for the capital market,” the bank added.

The CBA also stated that in accordance with the decree of the head of state ‘On additional measures related to the solution of problem loans in Azerbaijan;, 59 citizens were returned a part of the accrued compensations worth 92,800 manat.

Besides, in 2020, insurance payments to people who had problem loans totaled 1 million manat, and 43 protocols on administrative violations were drawn up in the capital sector.

The responsibilities for regulation and supervision of the financial services market from 2019, in accordance with the order of the head of state, are assigned to the Central Bank of Azerbaijan. For this purpose, a new structural subdivision was created in the CBA.

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