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FIMSA: Establishment of Azerbaijan Credit Bureau will ensure stability


Two devaluations in 2015 led to open currency position in banking sector and formed losses, Deputy Chief Executive Officer of the Financial Markets Supervisory Authority (FIMSA) Asim Zulfugarov said on February 9.  

 

According to him, banks’ liabilities in foreign currency doubled, debt management faced difficulties: ‘As a result of devaluation, credit risks increased, borrowers were not able to repay their debts timely. ’Consequently, a number of institutional changes have been made. Mortgage and Credit Guarantee Fund and Azerbaijan Credit Bureau were established.  The demand was to introduce more effective and more operative information. Credit Bureau will allow specifying borrower. This will include borrowers’ debts they obtained so far. Every borrower will be able to get information about them’.    

 

He noted that establishment of Azerbaijan Credit Bureau will ensure stability: ‘This institution will lead to financial discipline’. 

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