J.Hasanli: problems of the banking sector cannot be solved by raids "Bandotdela" (bandit department)

The Chairman of the National Council of Democratic Forces (NCDF) Jamil Hasanli commented on scandal around the International Bank of Azerbaijan (IBA.)

In his profile on Facebook, he wrote that European games distracted the attention from the mass arrests of businessmen conducted by the Office for Combating Organized Crime of the MIA. Meanwhile, the banking crisis continues to deepen, which is manifested in the growth of interest rates on loans.

This is true for all banks in the country, which pushed up interest rates to 35-40% per annum, which means that a severe crisis of the financial sector.

“Only desperate people take loans under such interest,” writes Hasanli. In fact  the interests on credits have always been high. The policy of the authorities  make people dependent on credits.poeple have to take new credits to cover the old ones.

"When  the  parliament passed the law on banks, I warned that this mechanism is doomed to failure. I even  said that under such interest it is not possible to build a normal business.

Such a situation is because the banking sector in the hands of the ruling family. That is,  with no effort, by trading money,  they earn big money by putting people into financial dependence," writes Hasanli.

Now, in response to calls from the West to ensure democracy, the authorities say that "they are discriminated against us because we are Muslims." "What  Muslims are you if you  enrich by usury, forbidden in Islam?  The policy built on the financial piracy  is doomed to failure  earlier or later," stressed Hasanli.

At the same time, he pointed out that the authorities prevented the coming major international organizations to the financial market of Azerbaijan, depriving the population of low-cost loans under 7-8% per annum.

The fall in world oil prices has forced Azerbaijan to the devaluation of the manat at once by 34%. This  hard  step hit consumers and businessmen who had received loans in foreign currency. The Constitutional Court has legalized obligation of citizens to banks.

On the other hand, making entrepreneurs  pay credit debts showed a lack of economic mechanisms to address the debt problem. The attempt to get out of the financial crisis by sacrificing leadership IBA failed.

Perhaps, the authorities have plans concerning the IBA – to divide it, pass unpromising assets to another bank, to strengthen state control over the bank, to prepare it for privatization. However, in the current crisis it is unlikely that these efforts will be successful.

Meanwhile, due to the pressure of "bandotdela" (bandit department) business people deny their  facilities, or  their business is  seized.

Attempts to solve the problems of the banking sector of Azerbaijan by illegal means  makes  Azerbaijan politically incompetent, hopeless economically and unreliable from a legal point of view, said Hasanli. -0-