National Bank of Azerbaijan Intends to Significantly Increase Minimal Volume Capital While Registering Its New Banks
Ukraine, Kiev, 19 May / corr. Trend Z. Novositski/ The National Bank of Azerbaijan (NBA) plans to significantly increase the minimal volume of the authorized capital stock of the banks while registering them, in order to improve the level of quality of the new banks.
"We plan to increase the minimal volume of the capital of the new banks. Now it makes up $10mln or about $12mln. This volume will be increased by several times," Rufa Aslanli, deputy chairman of the National Bank of Azerbaijan said in his interview with the media in Kiev on 18 May.
According to Aslanli, some 9 banks of Azerbaijan out of 46 are not the part of the insurance deposit system and they do not have a right to attract deposits. "We are working with our focus group. We do not commend replication or multiplication of such banks," Aslanli said.
As the conversion of the system has not been completed yet, NBA does not consider the sharp rise in the number of banks in the country a positive process. "We think it is necessary to restrict this boom," Aslanli said and added that NBA commends the opening of the subsidiary banks of well-known international financial groups.
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