The Central Bank of Azerbaijan recently directed the country's banks to tighten lending requirements and increase their control over unsecured loans.
"We would like to notify that unsecured loans need to be issued upon obtaining a borrower's long-term financial statements and credit histories, under the requirements of CBA Regulations on the "Issue of Loans in Banks," the central bank said on Jan. 22. "Individuals should submit a statement of salary or a statement of earnings from other officially confirmed sources, as required financial statements. Confirmation of borrower's income and accordingly his/her indebtedness capacity is used to protect the credit portfolio quality, avoid deterioration of borrower's financial standing and boost bank's financial sustainability."
The bank is also undertaking efforts to raise the public's understanding of personal finance issues.
"Within this frame, the Central Bank is tightening requirements on disclosure of proper and comprehensive information in banks to consumers on terms and conditions of loan product," it said.
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