The Central Bank of Azerbaijan (CBA) has extended the period of validity of measures to support the financial sector in connection with the COVID-19 pandemic, Trend reports on Sept. 30 with reference to the CBA.

The CBA said that the regulatory support measures were revised amid the process of easing the regime of restrictions imposed in various sectors of the economy due to the COVID-19 pandemic, and in terms of the gradual recovery of economic activity on the basis of the decision of the CBA Board #26 dated September 30, 2021.

Taking into account the epidemiological situation, Azerbaijan has once again extended the period of validity of measures to protect and support the interests of individuals and business entities affected as a result of the consequences of the COVID-19 pandemic.

Thus, the recommendations given to the credit organizations to prevent the accrual of interest and other fines from borrowers in case of delinquency on loan obligations, as well as the deterioration of their credit history due to delays in loan obligations of borrowers, were additionally extended by three months and are valid until January 1, 2022.

“Taking into account the current state of the financial sector, the results of the assessment of the financial stability of the sector, as well as the recommendations of international financial organizations, the CBA is constantly specifying the regulatory support regime and making appropriate decisions,” the message said.

Source: Trend News Agency