Banks and non-bank credit organizations (NBCOs) in Azerbaijan have decided to write off the loan obligations of citizens who tragically lost their lives in the AZAL passenger plane crash on December 25.
Report informs that, according to a joint statement by the Azerbaijan Banks Association (ABA) and the Azerbaijan Microfinance Association (AMFA), this decision was made to express sympathy and support for the families of the victims. The loan obligations will be settled using the banks' and NBCOs' own funds.
"The tragic loss of the crew members and passengers on the Baku-Grozny flight has deeply shaken the entire country, including Azerbaijan's banking community," the statement read. "Following the recommendation of the Central Bank of Azerbaijan and the initiative of ABA and AMFA, the loan debts of the deceased have been written off. We express our deepest condolences to the families of the victims and wish a speedy recovery to the injured."