IMF backs Azerbaijan Central Bank's program on reduction in number of banks

Nienke Oomes, IMF resident representative to Azerbaijan, informed that according to the IMF data, currently the Central Bank of Azerbaijan was developing a plan of consolidation of domestic banking system.

“Currently Azerbaijan has 46 banks and this is too much for economy of such a country. We back Central Bank's policy on consolidation and reduction in number of banks in Azerbaijan. That will also enable to simplify monitoring procedures, raise competition and cut interest rates on loans,” Ms. Oomes said.

The Central Bank has not announced of the being-prepared program.

But according to some reports, at least 6 credit institutions can be deprived of their banking licenses in the process of the program's realization.


/Abc.az/