Assistant to President comments on imposition of fines for delayed loans during period of pandemic

Assistant to President comments on imposition of fines for delayed loans during period of pandemic
  • Clock-gray 13:40
  • calendar-gray 08 August 2020

“The Association of Banks of Azerbaijan has stated that a moratorium is applied to the issue of fines for delays in loans. During that period delays have not been issued,” said Assistant to the President of the Republic of Azerbaijan on economic issues Shahmar Movsumov at the meeting of the Task Force under the cabinet of Ministers, APA reports.

He said that it has been a voluntary decision of the banks.

“As it is a voluntary decision, the choice is theirs. They are doing it on purpose. They understand that it is necessary today to help entrepreneurs, people. It is possible that those who have the opportunity want to abuse the current situation for avoiding payment. When banks know it they are forced to fine those people. So, this tool is for help. We have to help each other. If there is a concrete fact about unfair fines, we can investigate it,” the Assistant to the President stressed.

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