The Central Bank of Azerbaijan is preparing new regulations on non-performing loans held by non-bank credit organizations.
Operative Information Center-OMM reports that Khayyam Ismayilov, director of the Central Bank’s Department for Supervision of Non-Bank Credit Organizations, made the remarks.
He said one of the planned changes would focus on minimizing existing risks at such organizations and safeguarding financial stability.
“The changes envisage strengthening oversight of the borrowing process, including the development of relevant regulatory rules on non-performing loans. We are conducting the necessary studies in this area and continuing our work with the organizations. If any negative circumstances are identified and violations of legislative requirements are detected, appropriate measures are taken to address them. In other words, we are taking the necessary steps in this area. For example, if delays occur in the timely submission of reliable information, appropriate action is also taken in connection with that issue,” he said.
Non-bank credit organizations provide loans and other financial services outside the traditional banking sector. Effective management of overdue loans is important for protecting borrowers, improving transparency and maintaining the stability of the broader financial system.
