Rustamov noted that along with this, CBA made also recommendations to the commercial banks: “I was recommending the banks to restructure their loans and extend the period. If banks don’t take this step, they can face increase in troubled loans. Therefore, I recommend banks to extend the period for 2-5 and more years”. Today, the banks give loans in 15-20% interests. There is sufficient profitability in these interests”.
CBA chairman also recommended banks to reduce interest rates: “This will be good for banks and they will prevent increase in troubled loans”.
Speaking about banks which change loans taken out in manat to dollar, Rustamov noted that measures will be taken regarding these banks: “If bank gave loans in manat, then changed to dollar without permission of the customer, submit these information to us and we’ll take measures regarding these banks”.
Elman Rustamov: "Measures will be taken regarding banks which change loans taken out in manat to dollar"
01 April 2015
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"Azerbaijani population should repay the loans in that currency which they took out", said the Chairman of Central Bank of Azerbaijan Elman Rustamov.
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