Central Bank extends the action in additional support measures package to financial sector due to coronavirus pandemic

30-09-2021

30 September 2021, Baku: The Central Bank took relevant measures in accordance with the Actions Plan approved by the Cabinet of Ministers with respect to the implementation of Item 10.2 of Decree# 1950 of the President of the Republic of Azerbaijan dated 19 March 2020 on ‘A number of measures to mitigate the negative impact of Coronavirus (COVID-19) pandemic and consequent sharp fluctuations in global energy and stock markets on the economy of the Republic of Azerbaijan, macroeconomic stability, employment and businesses’ and the Management Board of the Central Bank of Azerbaijan approved the Additional Support Actions Plan with its Resolution No.16 dated 24 April 2020.

The Central Bank constantly refines the regulatory support regime and makes policy decisions taking into account the current state of the financial sector, findings of assessment of financial resilience of the sector, as well as recommendations of international financial institutions.

On the backdrop of easing of a restriction regime across various sectors of the economy and gradual recovery of economic activity, in accordance with Resolution No.26 of the Management Board of the Central Bank of the Republic of Azerbaijan dated 30 September 2021, the regulatory support actions were reviewed, given the ongoing pandemic situation in the country the period of measures on protection of interests and support for pandemic-affected individuals and entrepreneurs was further extended. Thus, the period of recommendations issued to credit institutions with respect to non-calculation of penalty interests, fines and other penalties, non-deterioration of credit histories of borrowers due to delinquency on their credit liabilities was extended for additional 3 months until 1 January 2022.