details added, first published at 11:18
BAKU, Azerbaijan, July 10. The mediation institute serves as a quality mechanism for resolving financial disputes, Governor of the Central Bank of Azerbaijan (CBA) Toghrul Aliyev said, Trend reports.
He made the remark during a scientific-practical conference on the topic of "Successful Methods for Resolving Banking Disputes".
According to him, the CBA signed a corresponding memorandum of cooperation with the Mediation Council to discuss investor protection issues and expand dispute resolution mechanisms.
"There is a need for strict compliance with legislation and emphasis on the methodological guidance developed by the Central Bank for handling consumer complaints in financial institutions. Our collaboration with the mediation council as an alternative dispute resolution mechanism can significantly enhance the effectiveness of this activity," he said.
Meanwhile, the loan portfolio of Azerbaijani banks increased by 14.15 percent as of June 1, 2023, compared to the same period in 2022 and reached 20.6 billion manat ($12.1 bilion).
In the structure of the banks' loan portfolio, the share of business loans amounted to 54.07 percent (11.1 billion manat or $6.5 billion - an increase of 7.27 percent over the year), consumer loans – 30.13 percent (6.2 billion manat or $3.6 billion, an increase of 22.64 percent over the year), mortgage loans - 15.8 percent (3.2 billion manat or $1.8 billion – an increase of 25.11 percent over the year).