Central Bank: Collection business must be developed in Azerbaijan

Business Materials 4 May 2013 11:35 (UTC +04:00)

Azerbaijan, Baku, May 4 / Trend A. Akhundov /

The Azerbaijani Central Bank (CBA) supports the creation of collection agencies and considers it necessary to develop this institution in the country, CBA Director General Rashad Orujov told Trend on Saturday.

"I think that this is a very important institution of the financial infrastructure," he said. "It will be good if the institution is developed. At present, there are several such organizations. It is too early to assess their impact on the situation, but in general, it will greatly help banks to better resolve the issue of substandard assets."

He added that a trend of creating such agencies is observed on the local market.

"We have no specific legislation that regulates the collection organizations' activity," he said. "It is governed by the general legislation."