Baku, Azerbaijan, May 3
By Azad Hasanli - Trend:
Azerbaijan's Financial Market Supervisory Body doesn't currently consider the possibility of revoking licenses or appointing administrators in the country's banks, except for Bank Standard, said Rufat Aslanli, chairman of the Supervisory Body's Board of Directors.
"Today, we are supervising all the 37 banks in the country in a preventive mode," said Aslanli at a press conference May 3. "Our control is not limited to only responding to the developments the banks face. We also carry out a variety of stress tests, analyze the situation, and so on."
He also said the Supervisory Body is ready for any problem that the banks may experience, both in institutional and financial terms.
"The government has the necessary financial and administrative resources to resolve such issues in a preventive mode," added Aslanli.
On May 3, a temporary administrator was appointed at the Bank Standard under a decision of the Supervisory Body's Board of Directors.
Currently, 37 banks have licenses to carry out banking activity in Azerbaijan.
Since early 2016, the Central Bank of Azerbaijan has revoked the licenses of six banks - AtraBank, Caucasus Development Bank, Texnika Bank, Gandja Bank, Bank of Azerbaijan and the United Credit Bank.