The Finance Ministry refused from the practice of annual competitive selections of commercial banks for the transit treasure account service of the financial bodies of the country. The Ministry will not hold a tender in 2006, as many private banks have been involved in the process, Trend reports referring to Avaz Alakbarov, the Finance Minister. He did not excluded discussion of the issue in 2007. We are interested in high quality bank service. The same time capital and norms on bank services are due to meet figures of the National bank of Azerbaijan (NBA), the Minister stressed.
Besides, Alakbarov supports payment reduction for bank service that will allow decrease of budgetary expenses. The work will continue in this direction and the Minister advises banks to prepare, as the list of agent banks is planned to be expanded in the future,
Attraction of private banks to treasure account service is one of the requests of the International Monetary Fund within establishment of competitive environment at the bank market in the country. Until 2005 only the half-state International Bank of Azerbaijan (IBA) and state Kapitalbank was involved in this field. The first private bank, attracted from 1 January 2005, was Technikabank. Nevertheless, the Technikabanks authorities are limited with Sumgayit. The list of private agent banks of the Finance Ministry will expand up to 5. Treasure accounts are served by Standard in Lankaran, Atabank - Khachmaz, Turanbank - Gadabay, Nikoilbank - Gabala.