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Local banks restore lending

A certain quantity of commercial banks functioning in the united states have resumed financing in national money. The procedure of credit issuance in countrywide currency has been put through certain changes and constraints.

Among the bankers which currently concern consumer credits in nationwide money are Rabitabank, Accessbank AFB Standard bank, Kapital Loan company, Azer-Turk Lender, Atabank, Lender of Baku, Lender Respublika, Pasha Loan provider, Unibank, Loan provider Avrasiya, Demirbank, Parabank, International loan company of Azerbaijan, Nikoil Lender, Caspian Development Loan company.

Rabitabank and Parabank also put into action lending after the security of debris as well as collateral lending options in national money and USD.

Azerbaycan Senaye Loan provider? and Yap? Kredi Lender do not provide crediting in the manats but offer bank cards with their customers. Ziraat Loan provider presently issues only loans. Loan provider Avrasiya and Nikoil Loan company offer USD credits to people customers, who get their earnings in the forex.

Xalq Standard bank implements loaning only through the Country wide Account for Entrepreneurship Support of the Ministry of Economic Development and their state Account for Development of Information Solutions.

After repeated devaluation of the countrywide currency, which occurred on Dec 21, 2015, nearly all Azerbaijani banking institutions ceased financing process.

Relative to the law in place banks meet the criteria to look for the money of the given credit and absolve to choose where currency to provide. Vulnerability in the money market triggered certain problems and avoided banks to concern the manat lending options.

The Financial Market Supervisory Body has suspended issuing consumer lending options in forex.

Currently, 37 bankers and even more than 700 loan company branches operate in Azerbaijan. Six banking companies of the united states were closed down since early on 2016.

The state exchange rate of the united states buck and euro to Azerbaijani manat was establish at 1.4994 manats on June 6.

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