BAKU, Azerbaijan, September 14. The Central Bank of Azerbaijan (CBA) has initiated the process of transferring certain business processes to commercial banks with the aim of optimizing cash operations, increasing efficiency, and improving results, Trend reports.
According to the decision of the CBA Board of Directors dated August 30, 2023, International Bank of Azerbaijan (IBA) OJSC has been designated as a bank operator.
Moreover, based on the decision of the Board of Directors of the CBA dated June 21, 2023, Kapital Bank OJSC has been also chosen as another bank operator.
Both IBA, and Kapital Bank, along with the funds received from their clients, will perform the function of sorting national currency notes received from other banks and the national postal operator on automated equipment, then releasing them back into circulation.