Ban on consumer loans in foreign currency to be extended in Azerbaijan

Ban on consumer loans in foreign currency to be extended in Azerbaijan

The Financial Markets Supervision Chamber of Azerbaijan has extended the previous and introduced the new restrictions on consumer lending, Abc.az reports.

According to the Chamber, on 4 May its Board of Directors endorsed the new prudential framework of consumer crediting in national and foreign currency to come into force since 6 May 2016.

"In this regard, the decision to suspend consumer lending in foreign currency taken on 4 April 2016 has been left in force. In addition, a ban in introduced for giving foreign currency loans for purchase of real estate," the Chamber announced.

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