17:42 - 28.02.2019

---

February 28, Fineko/abc.az. Azerbaijani President Ilham Aliyev has signed a decree on the solution of the question of problem loans of individuals.

Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms & Communications, has stated that the decree will cover more than 800,000 people.

"In compliance with the decree the State Budget will allocate over AZN 700 million for execution of the decree," Gasimli said.

Under the decree, part of the amount of loan debt of individuals under $10,000 (AZN 17,000), which increased after the devaluations in manat terms, will be repaid at the expense of the State Budget, no later than within three months from the decree signing date at the exchange rate of the Central Bank.

The principal amount of loans, taken until 21 February 2015, will be compensated in the amount of AZN 0.25 ($0.15) for each US dollar and of loans given from 22 February to 21 December 2015 – AZN 0.6 ($0.35) for each US dollar.

In accord with the decree, the Central Bank will allocate AZN 682 million to banks on the basis of the appeal of the Financial Market Supervision Chamber (FIMSA) for restructuring of problem foreign currency loans of citizens.