The range of banking services available to Azerbaijan's postal operator
Azerpost LLC will be expanded, according to Azerbaijani Central Bank
(CBA) Director General Rashad Orujov.
Orujov made the remarks on
June 23 at the 5th Azerbaijani-Russian forum for interregional
cooperation held in the Azerbaijani city of Gabala.
He added that
a lot of issues and problems were revealed following the global
financial crisis, and they need to be discussed and explored. Orujov
also said that it is needed to assess the banking sector's role in the
development of the economy and people's lives, and this question is
becoming more and more relevant.
The CBA director general said
that currently there are 43 banks in Azerbaijan, and there is access to
their 710 branches and offices in all regions of the country.
dynamics of expansion of the banks' branch networks is annually growing
and we believe that this is very important in terms of increasing the
population's access to financial services. Azerbaijan has 152
non-banking credit organizations (NBCO), credit unions and other
non-banking financial institutions, which, despite their small size,
play an important role taking a specific niche in the market," Orujov
He also highlighted the activities of Azerbaijan's national postal operator, which also began providing financial services.
government's joint project with the World Bank (WB) has made it
possible to successfully integrate Azerpost into the country's financial
system. The huge branch network of up to 1,000 branches and offices
ensures the presence of a financial institution virtually in every
village. The operators are authorized to conduct payment operations,
attract deposits, and the list of their services will expand in the
future," Orujov added.