Central Bank never prohibited manat loans

The Central Bank of Azerbaijan did not set any instructions to the commercial banks regarding the issue of loans in manats.

APA reports that the statement came from deputy chairman of the board of the Central Bank Alim Guliyev at a session of the Milli Majlis committee for economic policy in response to the question from MPs Vahid Ahmadov and Ali Mesimli "Why do banks issue loans in dollars?”

 "Today all the resources of the banks are in dollars. After devaluation the population changes its manat deposits in banks for dollars. Today the resources of the banks are in dollars. Therefore, the banks offer loans in dollars to minimize their risks.

However, as the relations between the banks and the customers are regulated by contracts, the banks cannot make their customers to borrow in dollars”, the deputy chairman said.