1.03.2019.With the implementation of the Decree signed by the President, the FIMSA and AMFA organized an emergency meeting with the NBCO!

The Decree signed by President Ilham Aliyev on additional measures to address the issue of problem loans to individuals confirms that the President pays special attention to small and medium-sized businesses.
The chairman of the Azerbaijan Microfinance Association, Suleiman Kalashov, said that this decree will encourage non-bank credit organizations (NBA) and help these organizations work more efficiently and responsibly.
Khayyam Ismailov, head of the department for supervision of the activities of non-bank credit organizations, said that this decree would give impetus to the development of small and medium-sized businesses.
According to him, this decree will increase the flow of foreign investment into the country, which will also play a positive role in refinancing NBCOs. The main goal here is to increase employment and provide new loans.
As indicated in the Decree “On Additional Measures to Resolve Problem Loans to Individuals in the Republic of Azerbaijan”, signed by President Ilham Aliyev, the Chamber of Control over Financial Markets of the Republic of Azerbaijan together with banks issues the main amount of individuals in foreign currency for a period of up to 10,000 (ten thousand ) US dollars in national currency. It is necessary to inform the President of the Republic of Azerbaijan, the Ministry of Finance of the Republic of Azerbaijan and the Central Bank of the Republic of Azerbaijan, determining the amount of debt under the loan and the list of borrowers to be restructured for each of the Bank’s accounts in accordance with the Decree at 17,000 (seventeen thousand) manat.
In this regard, the management of the IPOA instructed all credit institutions to resolve the above issues and establish good public relations in connection with the implementation of the Decree on the resolution of problem loans to individuals.