EBRD proposing Azerbaijan to attract foreign banks to market

According to EBRD leading economist Eric Bergloff, there are sufficient number of banks in Azerbaijan, however only some of them dominate the market, which leads to high interest rates on credits.

The EBRD representative considers appearance of foreign banks, which could rival local ones to be the way out of the situation. Moreover, he stressed the importance of strengthening reforms in country's banking sector and improvement of control functions of the National Bank.

It should be noted that in line with EBRD report "Life in transitive period", index for reformation of a banking system in 2001-2007 preserved on the level 2.3, while reformation of non-banking credit organizations on the level 1.7.

/Day.Az/