Coronavirus News Europe

Azerbaijani banks talk over ways of applying credit benefits from Central Bank

BAKU, Azerbaijan, April 28

By Eldar Janshvili – Trend:

A regular presidium meeting of the Azerbaijan Banks Association (ABA) in an expanded format was held in Azerbaijan on April 23, 2020, Trend reports citing ABA.

The topic of the meeting was the mechanism for applying the decision on additional measures to support the population and business in the context of the coronavirus pandemic (COVID-19) adopted by the board of the Central Bank of Azerbaijan (CBA).

This decision is synchronized with the envisaged measures by the relevant decree of the Cabinet of Ministers, and also provides for extended directions, including issues related to the restructurization of mortgage loans issued to individuals at the expense of the Azerbaijan Mortgage and Credit Guarantee Fund, business loans issued at the expense of banks and state funds, as well as support for participants in the insurance and capital markets, the association said.

The ABA members emphasized that the government has begun large-scale work in connection with reducing the negative impact on the country’s economy, covering macroeconomic stability, employment issues in the country and the creation of relevant working groups with the participation of the Central Bank, the Ministry of Economy and other related structures, including the ABA.

As of continuation of these complex and systematic activities, ABA members, guided by a plan of additional measures to support the population and business of the Central Bank, having analyzed the current situation, discussed some practical points envisaged in the document and answered questions.

In accordance with the current situation, the importance of continuing such measures as ensuring the continuity of banking and financial services rendered to the population throughout the quarantine period, lending to the economy, and protecting the rights of consumers of banking financial services was emphasized once again at the end of the meeting.

The Azerbaijan Bank Association (ABA) was established by commercial banks in 1990. The main objective of the ABA is protecting the interests of its member organizations, to assist in meeting their needs for various types of business services and to coordinate their activities. Currently, 29 banks and 4 non-banking organizations are members of the ABA.

Follow the author on Twitter: @eldarjanashvili

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