Baku, Azerbaijan, May 24
By Azad Hasanli – Trend:
The troubled borrowers in Azerbaijan will not be able to get tax breaks, a source in banking circles told Trend May 23.
The source said the financial regulator - the Financial Markets Supervision Authority - rejected the proposal put forward by some bankers. At the end of last year, banks raised the issue of the debt release of particularly troubled borrowers with big credit debts.
The source noted that this issue was considered in the FIMSA at one time, but now it is decided to abandon the idea. At the same time, the government has another proposal related to troubled loans.
A source in the government said earlier that a group of MPs developed a package of proposals under which the debt on overdue loans was planned to be divided between the government, banks and borrowers. Thus, only one third of the debt fell on the borrower.
The source noted that despite the fact that some government agencies positively see this proposal, FIMSA has not yet given a positive response. Nevertheless, the source does not exclude the possibility of implementing this option.
There are 30 banks in Azerbaijan.
(1.7 AZN = 1 USD on May 22)
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