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    NBC: Customers pay for credits via bank transfer

    The payment order is used also by other credit institutions

    Baku. 29 August. REPORT.AZ / Restriction of sales cash dollar in Azerbaijan in recent days has created problems for payments on foreign currency loans.

    Report was told by the Director of the non-bank credit organization (NBC) "Finance for Development" Jalal Aliyev.

    According to him, the way out is to open in the banks manat account from which the funds would be transferred to NBC’s account for payment of the credit: "This method, albeit with a delay of 1-2 days, but it will allow to make payments on dollar loans Money Order. use and other credit institutions."

    He also noted that at present they continue manat credits: "Prior to the first devaluation, we have insured against currency risks through the attraction of hedge funds an amount of 4 million dollars. While the treaty in force and we can provide loans in foreign currency. Currently, these funds do not hedge the Azerbaijani manat."

    According to him, customers, organizations are mostly small entrepreneurs and persons engaged in agriculture: "Our main focus will continue to be the financing of small family farms."

    He added that at present Azerbaijani NBCs generally can not raise funds. Raised in dollars means it is impossible to place on the market. According to him, in these conditions, credit institutions with low capital may leave the market.

    "Finance for Development" ("İnkişaf üçün Maliyyə") was established in 2002. The total capital of company is 2.8 mln. AZN.

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