​AMFA: Situation on Azerbaijani microfinance market stabilizes

Baku. 1 July. REPORT.AZ/ Situation on the microfinance market in Azerbaijan is gradually stabilizing.

Report was told by the Executive Director of Azerbaijan Microfinance Association (AMFA) Jala Hajiyeva.

According to her, the repayment process of micro-credits obtained from banks and non-bank credit organizations (NGOs) is normal: "Of course, there are still customers who is experiencing fluctuations. They expect that they will get concessions on USD loans, but most adapted to the present situation and return the debts. Due to these funds, banks and NCOs (non-credit organizations) have resumed lending in Azerbaijani manat. Naturally, lending comes under the lending policy of the Financial Market Control Chamber and AMFA also supports it."

J.Hajiyeva also noted that the issue of the consolidation of NCOs in the new economy terms will be clarified by the end of 2016: "The shareholders of NCOs are not ready for consolidation yet. Those who have businesses in the field of microfinance are trying to stay on the market at the expense of radical steps. It will be clear by the end of the year, who will remain on the market, and who will leave it."