Some banks in Azerbaijan are facing problems and their activity may cause damage to the sector. This was stated on June 5 by the Chairman of the Central Bank of Azerbaijan Taleh Kazimov during the discussion in the Milli Majlis of the bill on amendments to the Law ‘On Banks” “If the problems are not eliminated in time or the measures taken are useless, these banks should be closed,” he said. Thus, the banker general indirectly announced that the process of bank closures will be continuous. “I would not want banks to close down. Because the financial sector, including the banking sector, is at the heart of the real sector. Problems there will affect the entire economy,” T. Kazimov added. At present, 24 banks operate in Azerbaijan. The CBA last revoked the license of “Gnaybank” in May this year
Source: Turan News Agency