Azerbaijan's Financial Market Supervisory Body has temporarily banned restructuring the consumer loans in foreign currency (dollars), said the message from the Financial Market Supervisory Body on April 9.
It is related to the decision of the Financial Market Supervisory Body to suspend issuing consumer loans in foreign currency from April 5, 2016 for a period of one month.
The ban applies to all types of consumer loans, according to the message.
Azerbaijani banks suspended the issuance of consumer loans in foreign currency on April 5 for a period of one month. The decision was made during the meeting of the Supervisory Body. Nevertheless, the Financial Market Supervisory Body retains the right to prolong this period.
In order to ensure the financial stability and protect the consumer rights, to carry out in-depth and comprehensive analysis in the sphere of issuing foreign currency loans, it was decided to set new regulatory frameworks within a month.
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