Baku, Azerbaijan, June 2
By Azad Hasanli - Trend:
Law enforcement agencies helped to return bad loans worth around 400 million manats to the International Bank of Azerbaijan (IBA), Samir Sharifov, Azerbaijani finance minister, said in an interview with The Voice of America.
Special measures are taken to return the bad loans, the minister said.
"In some cases, the law enforcement agencies participate in these measures, because sometimes we face fraud," added Sharifov. "As a result of this intervention [the participation of law enforcement agencies], it was possible to return around 400 million manats."
As for the IBA's privatization, the minister said the process will begin after the bank's recovery.
"The bank's recovery will take some time," the minister said. "Financial advisors, most likely influential investment companies, will be involved immediately after this process. Thus, the bank will be prepared for privatization."
The IBA was founded in January 1992.
The official exchange rate is 1.4934 AZN/USD as of June 2.