BAKU, Azerbaijan, June 5. The financial sector is under constant control in Azerbaijan, the Governor of the Central Bank of Azerbaijan Taleh Kazimov said at today's meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship, Trend reports.
According to him, some banks are functioning normally, while the activity of others is problematic and this can harm the entire financial sector.
"I would not want to close banks. In banks that have big problems, appropriate work must be timely carried out. If this work isn't carried out in banks or doesn't bring any benefit, then they should be closed. The financial sector is at the center of the real sector of the economy, and its problems will affect the entire economy," he said.
Currently, 22 commercial banks are operating in Azerbaijan.
From 2012 to May 2023, 14 banks have been closed.
Recently, by the decision of the Administrative Board of the Baku Court of Appeal on May 18, 2023, Gunay Bank was declared bankrupt, and the Azerbaijan Deposit Insurance Foundation was appointed its liquidator.