Azerbaijan’s Central Bank not going to close commercial banks

For the past few days, news media have published reports about the closure, merging and bankruptcy of banks, in connection with which the Central Bank of Azerbaijan (CBA) made an official announcement, Trend reports.

As a result of activities conducted by the CBA, the country's financial system was prepared for the financial crisis, and was financial stability of the banking sector was preserved. The banking system, has under the circumstances of global financial crisis secured a relatively quick pace of development, thanks to the effective discharge of its functions.

Azerbaijani banks continue to work in a normal way, and there are no risks that could exercise a negative influence on their financial position and power. The CBA press service reiterates that the issue of closing the banks is not now being discussed and no resolution has been taken in this regard. In Azerbaijan, there are 46 banks in operation, 23 of them involving foreign capital. Among the existing banks 42 are members of the Azerbaijan Deposit Insurance Fund.

According to the results of 2009, all financial indicators of banks have shown progress. Assets for this period increased by 13.5%, credit portfolio - by 17.4%, public deposits - by 22.5%. The aggregate capital of banks increased by 17.6%.