The Plenum of the Constitutional Court of the Republic of Azerbaijan, chaired by Farhad Abdullayev, held the special constitutional public court proceedings.
The constitutional case, submitted by the Court of Appeal of Baku city based on the application concerning interpretation of Article 422 of the Civil Code of the Republic of Azerbaijan, was considered at the court session.
Having heard the report of Judge Kamran Shafiyev, the statements of representatives of interested subjects and specialists, the expert’s opinion, having investigated and considered materials of the case, Plenum of the Constitutional Court adopted a decision.
According to the decision, within the meaning of Article 422 of the Civil Code of the Republic of Azerbaijan, exchange rate movements of manat as a significant change of circumstances cannot be assessed, in view of changes in foreign currency exchange rates against manat, which is the monetary unit of the Republic of Azerbaijan, are not seen unexpected for parties and considering that debtor, who takes out a foreign currency loan, assumes financial risks.
This decision of the Constitutional Court comes into force from the date of its publication, is final and cannot be cancelled, changed or officially interpreted by anybody or institution.
