BAKU, Azerbaijan, August 6. Azerbaijan's non-bank credit institution (NBCI) Azerbaijan Evro-Kredit LLC has announced its liquidation.
The notice was published in the Taxes newspaper of the State Tax Service under the Ministry of Economy.
According to the notice, creditors of the organization may submit their claims within two months to the following address: AZ1004, Baku, Sabail district, Badamdar settlement area, Massiv 1, building 262A.
Azerbaijan Evro-Kredit LLC was established in 2020 with authorized capital of 300,000 manats ($176,500). The company's legal representative is Rasim Kamil oglu Eyvazov.
Non-bank credit institutions in Azerbaijan operate under licenses issued by the Central Bank of Azerbaijan (CBA) and provide lending services and other financial services defined by the country's law on non-bank credit institutions.
More than 50 licensed NBCIs are currently registered with the CBA in Azerbaijan. They include Agrarkredit CJSC NBCI, PARA NBCI OJSC, FINCA Azerbaijan QBKT, KredAqro NBCI LLC, FinEx Kredit NBCI OJSC, AzFinans NBCI LLC, Irshad NBCI LLC, AZPUL NBCI LLC and Nova Credit NBCI LLC, among others.
CBA Governor Taleh Kazimov said at a press conference last year that the regulator's main priority was not rapid credit growth, but maintaining financial stability and ensuring sustainable lending.
"We will introduce a number of innovations in the non-bank credit institution sector and microfinance in general. We believe that the changes we have made to regulations governing NBCIs will support the development of the sector. The rapid expansion of daily loans is not in the interest of the Central Bank, as both financial institutions and consumers may face significant risks. Taking into account the high risks in these areas, we have increased reserve requirements. The growth of daily lending is not a priority for the Central Bank from the perspective of developing strategic sectors," Kazimov said.
