Today Baku hosts international conference on consumer protection credit

Baku hosts international conference on "Protecting the rights of borrowers - the protection of consumers' rights in the name of stabilizing the financial sector." The event, which discussed mainly with the legal aspects of trials, was organized by the Constitutional Court with the support of the German Society for International Cooperation (GIZ) and Baku Law Centre (BLC).

The conference touched on the legal status of the consumers of banking services in Azerbaijan, the practical aspects of court cases involving disputes to repay loans, as well as legislation and European experience on these issues.

Speaking at the opening session of the Constitutional Court judge AR Jeyhun Garajayev stressed that the need to respect the constitutional rights and freedoms of citizens, who are consumers of services of credit institutions.

According to the German ambassador in Baku Herbert Quelle, in a market economy, where increased levels of consumer credit, interest structure - commercial banks and other lending institutions, judicial authorities and supervisory structure - should be treated with special attention to the protection of consumers of financial services. On "Consumers, banks and the economy: the current situation, goals, and opportunities for regulation" was made professor at the University of Siegen (Germany) Peter Krabs. The representative of the Federal oversight of the financial services Johannes Engels spoke about the activities of his service in representing financially illiterate consumer loans.

Recall that the World Bank has recently launched a project to protect the rights of consumers of financial services. - 08C-