Azerbaijan-based lombard business to be regulated by new law

Taking into account the negative cases in lombard sector, a Law on Lombard was drafted in order to increase effectiveness and prevent abuse, protect rights of lombard consumers, chairman of the parliamentary committee on economic policy, industry and entrepreneurship, MP Ziyad Samadzade said while discussing the Bill on Lombard.

"In spite of more than 700 registered lombard subjects, only about half of them operates. Nearly 250 of them are individuals. In 2018, AZN 938,000 was transferred from Lombard business to the state budget. Regulation of Lombard business by law will increase the budget transfers," Samadzade said.

Then, the bill was adopted in the first reading.