Baku, Azerbaijan, Mar. 2
By Anvar Mammadov – Trend:
Mission of the International Monetary Fund (IMF), which is now in Baku, discussed the current situation in the banking sector with leading Azerbaijani banks, said head of the Azerbaijan Banks Association (ABA) Zakir Nuriyev.
The sides discussed the decisions made by the regulator – Azerbaijan’s Financial Market Supervisory Authority – on stabilization of situation in the banking sector and the impact of these decisions, he told reporters in Baku.
“No specific proposals were made by the IMF mission. We mulled the impact of the reforms being implemented in the sector, as well as plans of the banks for further development,” Nuriyev said.
He also noted that restructuring of the banking sector was not discussed during the meeting.
“This issue was discussed at the meeting of the IMF mission with Azerbaijan’s Financial Market Supervisory Authority (FIMSA). But I think – and this idea was also voiced by the FIMSA management – that today the situation in most of the country’s banks is gradually stabilizing,” Nuriyev said.
“Capital of the majority of banks corresponds to the norms established by the regulator [50 million manats], and work is being carried out in the remaining banks to bring capital in line with the requirements.”
The IMF mission’s visit to Azerbaijan started Feb. 28 and will last until the end of this week.
The mission has already had meetings in Azerbaijan’s Economy Ministry, Finance Ministry, Central Bank (CBA), State Oil Fund (SOFAZ) and Financial Market Supervisory Authority.
The International Monetary Fund opened its office in Baku in 1992.