Expert: Azerbaijani banks must be interested in increasing capital
Azerbaijan, Baku, Feb. 7 / Trend N. Ismayilova /
A minimum level of capital fixed by the Central Bank of Azerbaijan (CBA) in the amount of 10 million manat is not high. It meets the latest trends, Director of the Azerbaijani Bank Training Center Javanshir Abdullayev said.
"Raising capital is a necessity for the banks. Their future development as banks with small capital, as a rule, cannot finance major projects," Abdullayev said.
He said that today, according to the CBA statistics, there are two banks. The share capital is below the established norm. The central bank of the country has revoked licenses of three banks - Birlik Bank, Kovser Bank and Debut Bank.
According to the CBA, capitalization of Azerbaijan's banking sector declined by 0.3 percent in December. It increased by 8.2 percent up to 2.16912 billion manat in 2010.
The official exchange rate is 0.7961 manat to $1.