Baku, Azerbaijan, June 2
Trend:
The IMF mission welcomes the preparation of the bank restructuring plan and urges its prompt implementation, said in report of mission.
The plan which should address the high level of nonperforming loans and lead to an increase of the capital of the weak banks, said in report.
Authorities have already taken measures to improve the health of the banking sector.
"The licenses of eight banks have been revoked, an asset quality review and a top-down stress test are being finalized, and an action plan is under preparation by the newly created supervision authority-in close coordination with the ministry of finance and the central bank-to restructure the remaining ailing banks", said in report.