BAKU, Azerbaijan, August 6. Azerbaijan's
non-bank credit institution (NBCI) Azerbaijan Evro-Kredit LLC has
announced its liquidation.
The notice was published in the Taxes newspaper of the State Tax
Service under the Ministry of Economy.
According to the notice, creditors of the organization may
submit their claims within two months to the following address:
AZ1004, Baku, Sabail district, Badamdar settlement area, Massiv 1,
building 262A.
Azerbaijan Evro-Kredit LLC was established in 2020 with
authorized capital of 300,000 manats ($176,500). The company's
legal representative is Rasim Kamil oglu Eyvazov.
Non-bank credit institutions in Azerbaijan operate under
licenses issued by the Central Bank of Azerbaijan (CBA) and provide
lending services and other financial services defined by the
country's law on non-bank credit institutions.
More than 50 licensed NBCIs are currently registered with the
CBA in Azerbaijan. They include Agrarkredit CJSC NBCI, PARA NBCI
OJSC, FINCA Azerbaijan QBKT, KredAqro NBCI LLC, FinEx Kredit NBCI
OJSC, AzFinans NBCI LLC, Irshad NBCI LLC, AZPUL NBCI LLC and Nova
Credit NBCI LLC, among others.
CBA Governor Taleh Kazimov said at a press conference last year
that the regulator's main priority was not rapid credit growth, but
maintaining financial stability and ensuring sustainable
lending.
"We will introduce a number of innovations in the non-bank
credit institution sector and microfinance in general. We believe
that the changes we have made to regulations governing NBCIs will
support the development of the sector. The rapid expansion of daily
loans is not in the interest of the Central Bank, as both financial
institutions and consumers may face significant risks. Taking into
account the high risks in these areas, we have increased reserve
requirements. The growth of daily lending is not a priority for the
Central Bank from the perspective of developing strategic sectors,"
Kazimov said.
