Azerbaijan, Baku, Oct.5 / Trend N. Ismayilova /
The Central Bank of Azerbaijan (CBA) expects an increase in market share of non-bank credit institutions (NBCOs) in the country due to the entry into force of regulations under the law "On non-bank credit organizations", head of the CBA Department for the supervision of credit institutions head Rashad Orujev said.
"Great interest is attached to this area, as evidenced by the appeal received by the CBA. Due to high demand in the market in the services of credit institutions, we expect growth in this sector, as today its share in the banking market is low, but there is potential for rapid growth," Orujev said.
According to him, after adoption of law "On non-bank credit organizations" the Central developed regulations that are already in force. Under the rules, the minimum statutory capital requirement for commercial NBCOs of is 300,000 manat, and for humanitarian - 30,000 manat.
"The CBA has not yet received official appeal, but the founders of new lending institutions are already preparing for submission of documents," he said.
According to him, the new rules are already in force and they will be applied to the licensing of new organizations, however existing organizations will begin reporting under the new rules from the first day of next month.
At present there are 100 NBCOs in the country, four of which were licensed to operate in the current year, and 18 were established by international humanitarian organizations.