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Azerbaijani Ombudsman: Some banksâ€™ desire to get high returns put citizens in desperate situation

26 February 2016 11:55 (UTC +04:00)

In 2015, the Ombudsman’s Office received 1,996 appeals regarding the violation of property rights, according to the report.

“The appeals, made by the citizens who took loans from banks in US dollars and are not currently able to repay it after the devaluation of manat’s rate twice in February and December 2015, trigger concern. Some appeals were related to the fact that though the loans taken by citizens from banks were specified in US dollar in the proper contract, they received loans in cash in manat. Besides, in some other appeals, citizens ask assistance in making the payments of the loans they took in US dollars, according to the exchange rate on the date of conclusion of the loan contract,” the report said.

According to the report, the desire of some banks to get high returns by granting citizens not only small, but also large amounts of loans in simple ways without requiring a guarantor or a collateral has put the citizens in desperate situation. As a result, a number of families were deprived of their only place of residence and property and faced financial and moral problems.