BAKU, Azerbaijan, July 30
By Eldar Janashvili – Trend:
The audit of financial statements and the banks' financial statements themselves will be in focus in Azerbaijan, Chairman of the Board of the CBA Elman Rustamov said, Trend reports.
Rustamov made the speech at a press conference.
“It is necessary to more sensitively focus on monitoring the financial reports of banking structures to prevent cases of illegal activities of banks related to accepting deposits and providing loans. Such unpleasant cases, like those that happened with liquidated banks in 2020, should not repeat. I believe that in order to prevent such cases, more precise definitions related to them should be introduced into the Criminal Code,” the CBA’s chairman noted.
“In this regard, the CBA will hold discussions with the relevant structures and the banking community,” Rustamov stressed.
In the course of issuing compensations to depositors of four banks liquidated in 2020, Atabank, Amrahbank, NBC Bank and AGBank, it turned out that some banks took deposits without permission, and, accordingly, such deposits were not insured.