12 December 2017

Azerbaijan prepares new lending model

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The model defining a new vision to credit and legal framework will be developed by May, Rufat Aslanli, chairman of the Board of Directors of Azerbaijan`s Financial Market Supervisory Body, said in an interview with ANS TV channel.

"It`s about healthy and responsible lending. I believe that this model will be ready by May, and we will discuss it with representatives of the banking sector and the public", Aslanli said.

Currently, according to him, there are no restrictions for lending in Azerbaijan.

"Banks can issue both business and consumer loans. Reduced lending by banks is caused by the fact that earlier they were receiving more money, they were placing in the form of loans. The annual growth of bank deposits amounted to 30-35 per cent, while the amount of deposits decreased by 1.7 billion manat since early 2016. Only in March the reduction was at the level of 150-200 million manat", he said.

Aslanli believes that in the coming months aggressive and massive lending by the banks is not expected, which was observed in 2012-2013.

"Even if that happens, we will prevent it. Now banks must hold more risk-free and profitable loans, and they try to do it", Aslanli added noting the possible introduction of certain restrictions on consumer loans.

2016.04.25 / 10:30
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