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Azerbaijani postal operator pays compensations on problem loans

25 April 2019 [18:00] - TODAY.AZ

By Trend

Within tree days, the Azerbaijani postal operator Azerpost has paid compensations on individuals’ problem loans worth 8.44 million manats, Trend reports referring to Azerpost on April 25.

The funds have been paid to those 31,336 clients of non-bank credit organizations and the banks in the process of liquidation, who are entitled to the compensations in the amount of than 500 manats. The compensations are being paid at 1,497 post offices throughout the country.

The individuals who are entitled to the compensations worth more than 500 manats will be able to receive them starting from May 1, 2019. These funds will be provided via plastic cards, which can be obtained at 77 post offices in Baku and the country’s districts.

Azerpost draws attention to the fact that compensations in the post offices are paid only to the clients of non-bank credit organizations and the banks which are being liquidated. In total, Azerpost intends to pay compensations to about 121,000 individuals, and almost 45,000 people of them will receive compensations in the amount of more than 500 manats each.

The compensation payment of problem loans to individuals started in Azerbaijan on April 22, 2019. As expected, 602,347 people will receive compensation.

Earlier, President of Azerbaijan Ilham Aliyev signed a decree on additional measures in connection with solving the issue of the individuals’ problem loans. The decree envisages the payment of compensation to citizens whose loan burden increased as a result of the devaluation of the manat in February and December 2015.

According to the decree, opportunities are created for restructuring both US dollar loans and manat loans with a delay of more than 360 days on concessional terms. If the amount of compensation exceeds 500 manats, these funds will be transferred to the account of the individual; otherwise, the payment will be made via money transfer.

The corresponding plastic cards to be received by individuals are issued free of charge for a period of one year. Banks and postal operator are not entitled to charge fees for issuing or conducting operations with these cards or for making money transfers.


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