Reason for settlement of issues on problem loans this year announced

Baku. 1 March. REPORT.AZ/ President of the Central Bank of Azerbaijan Elman Rustamov announced the reason for settlement of the individuals’ problem loans this year at Real TV.

"The issue of dollar loans is a problem to be among the top three problems of the population. There were strict public discussions in this regard. Solution of this problem required serious preparation. I think this problem has always been in the president’s political agenda since the devaluation of the manat. Why now? It was just needed to stabilize the economy, adjust it to new realities and oil prices, and ensure durability. The moves comes from an economic logic. It was not easy to transfer the $70-bn economy to a new platform. We saw the first results in late 2018 and it allowed us to demonstrate a new approach to such a large-scale problem," he said.