As the chairman of the Board of Directors of the Financial Market Control House (FMCH) Rufat Aslanly told the media, in the case of problems with financial liquidity of banks, the government will help them, as in the case of Bank Standard.
This is due to the program to repay bad loans and improve the quality of bank assets developed by FMCH and aimed at the effectiveness of the new lending model.
According to him, the exception to the ban on the issuance of consumer loans in foreign currency is the expiry of a previously obtained credit in dollars or euros or loan restructuring. In addition, the right to obtain a loan in foreign currency belongs to clients whose income or deposit account in the bank is not open in manats, while the customer uses that account as collateral."
In addition, FMCH introduced a number of prudential requirements for restructuring of loans, so that the client's monthly expenses on the loan do not exceed half of the income plus one more condition - the remainder of the income must meet the conditions of a living wage.
Recall that all advisory decisions made by FMCH are prohibitive, and are aimed at preventing the reduction of foreign exchange reserves and the outflow of finance abroad. According to statistics, foreign exchange reserves of the Central Bank of Azerbaijan as of 30 April were $ 4 billion 120.6 million, having decreased during the year by $ 4 billion 267.3 million, or more than twice. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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