Azerbaijan, Baku, Sept. 27 /Trend, A. Akhundov/
The Central Bank of Azerbaijan (CBA) does not see a need to issue new licenses for banking activities, CBA Director General, Rashad Orujov told Trend on Friday, commenting on the desire of the FINCA Azerbaijan non-bank credit organization to transform into a bank.
"From the point of view of efficiency, we see no need to issue new licenses in the near future," Orujov said.
He added that if someone wants to enter the banking market, they can buy a stake in an existing bank, become a stakeholder, a partner of an already operating bank.
"The present the policy of the CBA is aimed at consolidation and capitalization of existing banks," Orujov said.
FINCA Azerbaijan, which has repeatedly appealed to the CBA to obtain a banking license, expects a change of status in 2014 and is ready to increase its authorized capital to 50 million manats - the new minimum level for banks.
FINCA Azerbaijan has been operating in Azerbaijan since 1998. The organization has 31 branches and 33 sub-branches in Baku and the regions.
The official exchange rate for Sept. 27 is 0.7845 AZN/USD.