506,000 citizens in Azerbaijan receive problem loans compensation

Wed 15 May 2019 09:32 GMT | 13:32 Local Time

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In Azerbaijan, until May 13, 2019, 506,000 citizens received compensation under the decree by President Ilham Aliyev “On additional measures to resolve problem loans of individuals in Azerbaijan, Trend reports with reference to the Financial Market Supervisory Authority of Azerbaijan (FIMSA).

The compensation issued to citizens amounted to 84 percent of the total amount of compensations, according to the report.

The compensation issued to 243,000 citizens served to reduce overdue loans. In turn, compensation was issued to 263,000 Azerbaijani citizens in cash and by accrual on a plastic card.

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 15)

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