BAKU, Azerbaijan, August 15. This week Central Bank of Azerbaijan made regular structural changes, Trend reports.
Arif Shiraliyev was appointed the Director of the Strategic and Project Management Department. Elvin Shahverdiyev was appointed to the post of head of the Information and Cybersecurity Division, and Elnur Allahverdiyev was appointed head of the Licensing Divison. Anar Mansurov was appointed to the post of Director of the CBA Financial Management Department.
This week it became known about the approval by CBA Chairman Taleh Kazimov of amendments to the Rules for granting loans to banks by the Central Bank of Azerbaijan.
According to the amendments, from now on, refinancing loans granted for a period of no more than 180 days will be issued through direct or indirect auctions in order to implement the monetary policy of the Central Bank of Azerbaijan. In addition, the loan will be refused if the collateral for granted loans is not issued within three working days from the date of the auction.
Loans issued for a period of more than 360 days will be considered refinancing loans that are already provided outside the auction. By the decision of the CBA Board, loans can be provided for refinancing outside the auction for a period of no more than 360 days secured. Other conditions for granting these loans are determined by the decision of the CBA Board.
In addition, the requirements related to the terms of the loan provided by banks for obtaining residential space in Azerbaijan have changed.
According to the new changes, the initial payment for the purchase of residential space in a mortgage by an individual who does not own residential space will be 15 percent.
For persons who own residential space, the loan security ratio can be up to 70 percent, which in turn means that the initial payment when these persons receive a loan from a bank for the purchase of residential space should be at least 30 percent.
Also this week, it was reported on the main objectives of the strategic plan for 2021-2023 of the Microfinance Association of Azerbaijan (AMFA).
According to the strategic plan, one of the main strategic goals of the association is to create a favorable environment for AMFA members so that they can quickly respond to changing market trends and serve customers using high ethical and business standards. The Association should also focus on developing additional tools to empower AMFA members and support the implementation of necessary changes to the regulatory framework. Also, one of the goals of the association is to support the institutional development and improvement of the knowledge base of AMFA members through the introduction of new educational and expert products.
In addition, it became known that Moody's investment agency confirmed the basic credit ratings and deposit ratings of the Azerbaijani Bank Respublika with a positive outlook.
According to the report, Bank Respublika's long-term deposit ratings have been confirmed at the B3 level.