Elman Rustamov, chairman of the Azerbaijan Central Bank's board,
expressed his vision of the future model of Azerbaijan's banking
sector, 1news.az reports.
Rustamov said that this development should be qualitative.
"Practice shows that relying exclusively on fast growth is the wrong
strategy, when there is growth but no development. It is necessary to
improve quality. I believe that Azerbaijani banks must grow and
develop. This concerns staffing potential, automization and other
aspects that we must boost. In other words, this is what we must now
work on - boosting the qualitative aspects of banking development",
Rustamov said.
The head of Azerbaijan's Central Bank also noted that "the new model
of development of the banking sector will obviously be based on
private banks. The state banking sector is inefficient".
