Problem loans in Azerbaijan reached AZN 2 bn

13:11 - 2.10.2017


The Azerbaijani parliamentarians are concerned about the growing level of problem loans in the country and activity of the Financial Market Supervision Chamber.

In the course of today’s plenary session MP and member of the Parliamentary Committee on Economic Policy, Industry & Entrepreneurship Vahid Akhmedov has claimed that the situation in the domestic banking system poses a serious concern, and regulating body Financial Market Supervision Chamber established for the recovery of the banking sector failed to meet expectations.

"The Chamber was not able to solve problems of the sector and, over the last period the volume of bad loans has increased from AZN 1.6 bn up to AZN 2 bn. Banks don’t reduce lending rates from 28-30%. All this testifies about serious problems in the financial sector of the country," Akhmedov said.

He points out that, as the head of state stressed, precisely the banking sector caused the biggest damage to the economy in 2016.

"Therefore, we propose to invite bankers to the parliament, discuss existing problems, and provide them with recommendations for solving issues with problem loans, particularly foreign currency loans and others," Akhmedov emphasized.

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