System of creditors' protection may be created in Azerbaijan (UPDATE)

Baku, Azerbaijan, Nov. 23

By Azad Hasanli – Trend:

Azerbaijan Banks Association is proposing to create a new system of creditors' protection, the association's Chairman Zakir Nuriyev said.

He made the remarks at the 2nd Banking Forum 'Adaptation of banking system to new stage of development' in Baku Nov. 23.

Nuriyev said that in general, recovery is observed in the banking sector's activity, and this is facilitated by various measures taken by the Azerbaijani government.

At present, a number of measures have already been taken in Azerbaijan to protect the rights of creditors and resolve disputes between banks and their clients.

In particular, an institution of financial ombudsman, which helps to regulate disputes on contracts worth not more than $2,000, has been operating in Azerbaijan since September 2017, and a Credit Guarantee Fund will appear in the country in the near future.

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