Plenum of the Constitutional Court of Azerbaijan considered the question at what rate banks must return citizens the bank loans obtained in dollars. Consideration was initiated by Goychay District Court and the Ombudsman. They asked the Constitutional Court to give the interpretation of Articles 439.1, 439.2 and 439.7 of the Civil Code, as they are in conflict.
Article 439.1. provides that a financial liability must be expressed in manats. If one of the parties is a foreign person or entity, the parties may determine the monetary obligation in foreign currency.
Article 439.2. states that the monetary obligation in foreign currency payable in Azerbaijan is repaid in manats, except when stipulated payment in foreign currency. The translation is performed at the exchange rate at the time of payment.
Article 439.7. said that if before the due date currency exchange rate increased or decreased, or changed the currency, payment is made at the rate corresponding to the time of occurrence of the obligation.
If the currency rates chnages, exchange relations must be at the rate which existed between the monetary units on the day of the changes in exchange rates. (17)
In the discussions participated representatives of Goychay Court, the Ombudsman, the Parliament, and the Central Bank. Decision of the Plenum will be made public soon.
On February 21 the Central Bank carried out the devaluation of the manat, as a result the national currency depreciated by 34% against foreign currencies. According to unofficial information, citizens that received loans in dollars, should pay banks AZN 1.2 billion, what angered investors. -03D-
Social
-
On November 1, the weather in the capital will be cloudy, with light rain in some areas during the night and morning. There will be a moderate southwest wind. The temperature at night will range from +7 to +10°C, and during the day it will be +12 to +15°C. Humidity will be 70-80% both at night and during the day. No precipitation is expected across the country. There may be fog in some areas, with a moderate west wind.
-
After introducing six innovative products to its subscribers in a short time, Bakcell was honoured with the "Most Successful Rebranding" award at the prestigious international advertising and marketing competition "Felis." The award ceremony took place at the traditional "Brand Week" event held on 8 November 2024 in Istanbul.
-
The International Coalition for Democratic Renewal (ICDR) and Forum 2000 Foundation expressed grave concerns over the escalating repression of civil society in Azerbaijan, issuing a joint statement. The groups highlighted the government's intensified crackdown on lawyers, journalists, activists, and human rights defenders, painting a stark picture of a country where dissenting voices are systematically silenced.
-
The Times Higher Education (THE), a leading international organization with an audience of 60 million and ranked among the world's top 100 networks in the field of education and skills assessment, has published a comprehensive article titled “Calls for the Release of Azerbaijani Scholar as Climate Summit Begins.” THE, known for its annual ranking of world universities, notes that while a major fossil fuel producer hosts a gathering of global leaders, it is cracking down on dissenters. Human rights groups are urging the Azerbaijani government, which is hosting the COP29 climate conference, to release a scholar detained after criticizing fossil fuel policies.
Leave a review