Rufat Aslanli: Impossible to forgive debts completely

Baku. 30 March. REPORT.AZ/ Last year, real decrease in consumer loans totaled 2.35 billion AZN, 1.2 billion AZN out of 4.2 billion AZN consumer loans were restructured.

Rufat Aslanli, Chairman of the Board of Directors of the Financial Markets Supervisory Authority of the Republic of Azerbaijan (FIMSA) said: "We must settle the situation. We can not completely forgive debts, as these loans have household deposits. Repayment of loans is the only source of deposit refund."

"The consumer loans decreased by 20% in 2016. This is a nominal decline, real reduction is even greater, since before the curtailment of the issuance of foreign currency consumer loans, half of loan portfolio was in foreign currency. A real decline in consumer loans amounted to 2.35 billion AZN, 1.2 billion AZN of 4.2 billion AZN consumer loans were restructured. It was carried out voluntarily", the FIMSA Chairman added.

"We are explaining to the banks that they will not achieve anything by pressing on clients, each bank should rely on public confidence, which should be restored," R. Aslanli said.