BAKU, Azerbaijan, November 1. Inspections conducted by the Central Bank of Azerbaijan (CBA) revealed maintenance of improper reporting at Gunay Bank and MuganBank OJSCs, Governor of the CBA Taleh Kazimov said during a press conference dedicated to changes in the parameters of the discount rate, Trend reports.
“This was one of the reasons for the closure of these banks. We monitored on the spot, and it turned out that both banks lacked capital. Based on this, we canceled the licenses,” he noted.
The official also said the mentioned banks did not provide correct information when submitting reports to the CBA.
“After forming a new team, at the beginning of this year we conducted inspections for the first time in systemically important banks. Then inspections began in small banks, and it was found that the reporting in two banks wasn't correct,” he added.
The CBA revoked the license of Azerbaijan's Gunay Bank OJSC, which was declared bankrupt, on May 16 this year, and the license of MuganBank was revoked on October 19, by the decision of the CBA Board.
Stay up to date with more news on Trend News Agency's WhatsApp channel