Baku, Azerbaijan, June 27
Trend:
Privatization of International Bank of Azerbaijan, which is the largest bank of the country will allow to increase competition in the banking sphere, said Natalia Tamirisa, the chief of International Monetary Fund’s (IMF) Mission to Azerbaijan in Baku at a press-conference, Trend reports.
She further stated that restructuring of the bank’s assets, which is a very complex process is almost finished. The creation of a new business model and preparation of the bank for the privatization is also nearing the end.
Tamirisa advised to start the privatization process as soon as possible.
“Talking about the current situation in the banking sector of Azerbaijan, no doubt that notwithstanding sector’s recovery, measures on its rehabilitation and sustainability enhance are to be continued,” she said.
Concluding her speech, Tamirisa recommended a number of measures for the country to take in order to increase the confidence in the banking sector. Decrease of non-performing loans, improvement of the legal framework, which regulates the finance market and market supervision increase are among the recommended measures.
The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.