Plenum of the Court concluded that the provisions of the Civil Code do not conflict with the Constitution
The regular meeting of the Plenum of the Constitutional Court was held on May 15.
The compliance of Articles 439.1, 439.2 and 439.7 of the Civil Code with the Constitution of the Republic of Azerbaijan and the interpretation of certain provisions of these articles was reviewed and the decision was made at a meeting chaired by Chairman of the Constitutional Court of Azerbaijan Farhad Abdullayev.
Plenum of the Constitutional Court adopted a decision: “In accordance with Article 439.2 of the Civil Code of the Azerbaijan Republic, if principal and interest on the loan (debt) contract are negotiated in the credit contract, they are paid in the currency specified in the contract. If there is not such a condition in the contract, the debtor has the right to pay principal and interest on the loan in manats at the rate applicable at the place of payment.
Taking into account the interests of the population, the Constitutional considers appropriate to extend the loan period, lower interest rates and to do other favorable conditions on loans granted in foreign currency depending on the financial capacity of the banks.
The decision comes into force from the date of publication, is final and can not be canceled, changed or officially interpreted by any body or official.
On February 21 of this year, the central bank’s decision in connection with the devaluation of the manat caused a number of questions from citizens. Recently, the Constitutional Court considered a request of the Ombudsman of the Republic of Azerbaijan and Goychay District Court to clarify Articles 439.1, 439.2 and 439.7 of the Civil Code of the Republic of Azerbaijan. At the same time, it was suggested to review certain provisions of the Civil Code and check the compliance with the Constitution of the Republic of Azerbaijan.
