​VTB Bank Azerbaijan converts dollar mortgage loans to manats

Baku. 7 January. REPORT.AZ/ VTB Bank (Azerbaijan) transferred approximately 2/3 of mortgage loans financed in foreign currency in partnership with construction companies, to manats for their customers.

Report was told by Member of the Board, Head of Retail Business Development, Tural Valiyev.

According to Valiev, under this program a certain portion of the mortgage loan portfolio of loans had been transformed to manat on the basis of individual agreements with customers: "Work on the restructuring is going on, we are negotiating with clients."

Board member pointed out that at present the bank temporarily restricts lending. According to him, in general, the revival of lending in the banking sector is expected in early 2017: "2016 will be a year of restructuring of problem loans and normalization of the credit portfolio."