12:01 - 6.03.2023

---

March 6, Fineko/abc.az. The debtor will not be charged more than 5% per annum of the amount on overdue loans. The Civil Code envisages amendments to it.

ABC.AZ reports that if the Code and the contract do not provide for a separate rule, the amount that the creditor can demand for late payment is limited.

Speaking on AZTV on this topic, MP Vugar Iskandarov said that the bill would entail positive changes in relation to payments on debts in banks.

Expert economist Eyub Kerimli believes that the new law will prevent any financial losses when obtaining a loan: "Until now, when such problems arose, banks applied a penalty. Sometimes it was 1-3% per day. The current situation has led to an increase in overdue loans by 20-30%."