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Azerbaijan’s Yelo Bank discloses amount of closed loans

30 April 2020 [11:05] - TODAY.AZ

By Trend


Azerbaijan’s Yelo Bank closed 8,504 loans worth 16.4 million manat ($9.6 million), Chairman of the bank's board Nikoloz Shurgaia told reporters at a briefing in Baku, Trend reports on April 29.

“The loans were closed thanks to Azerbaijani President Ilham Aliyev’s decree on additional measures to the resolve the issues related to the problem loans of individuals in the Azerbaijan Republic dated February 28, 2019, which was of great importance for freeing the financial sector from non-performing assets, ensuring liquidity and revitalizing the sector as a whole,” the chairman added.

“Some 2,898 loans worth 7.7 million manat ($4.5 million) were restructured upon the decree,” Shurgaia said.“Moreover, the compensations in the amount of 11.4 million manat ($6.7 million) were paid to 9,372 clients. The volume of written off interest amounted to 21.9 million manat ($12.9 million).”

In accordance with the decree, some main credit debts of individuals in foreign currency with the main amount of up to $10,000 which was increased in manat as a result of devaluation were paid out through the state budget funds.

This reform, covering a total of more than 800,000 citizens, has pleased the population. As for the impact on the banking sector, the share of distressed assets in the total loan portfolio decreased by 2.6 percent and thereby led to its recovery.

(1 USD = 1.7 AZN on April 29)

URL: http://www.today.az/news/business/193381.html

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