Alexander Razuvayev: 'Azerbaijan acted rightly by solving problem loans of individuals'

Baku. 1 March. REPORT.AZ/ Azerbaijan pursues a good social policy, director of the Russian analytical department of Alpari Alexander Razuvayev told Report commenting on the decree of Azerbaijani President Ilham Aliyev on resolving the issue of problem loans of citizens.

"Taking loans in foreign currency is risky, especially if you earn in your local currency. As a result of the devaluation, payments rose sharply, the people who borrowed these loans found themselves in a difficult financial situation," Razuvayev said.

He recalled that in Russia a similar situation developed after the devaluation in 2014.

"Of course, from a formal market point of view, this is the problem of those individuals who have taken the risks associated with the foreign exchange rate, they must respond to them. But if it is a normal state, then its policy is socially oriented. Accordingly, at the expense of money, either the budget, or the Central Bank, some compensation is made so that people do not suffer too much. This is what is called social policy. From my point of view, the Azerbaijani authorities acted rightly,” the expert stressed.