IMF suggests decreasing inequality at the Azeri bank market
The Azerbaijan National Bank and the government are taking up the measures to decrease the inequality at the local bank market, the vice department head on Central Asia and Middle East, Vitalii Kramarenko told Trend.
In his opinion the banking system of Azerbaijan is not particularly large and the monetization is far behind the bank sectors of Russia, Ukraine, Kazakhstan and Estonia. In such situation the national bank has to pay more attention to the monetary- crediting regulation and create the more competitive conditions at the bank market, which will positively affect the situation.
The IMF mission has held meetings in the International Bank, Azerigazbank and Bank of Baku in the course of its visit. Banking sector is an important element of the financial system; therefore, it is necessary to know all the changes inside of it. Besides, the fund leadership and its members are interested in the dialog.
At the end of his visit, Kramarenko concluded that there are unequal conditions in the country i.e. states guarantees investments to the state banks, not commercial ones, and most of the state and non-state organizations keep their deposits mostly in the international bank of Azerbaijan.
He believes that adoption of draft law on investment insurance will help to shift the inequality. Besides, NB has to take more measures to encourage the state businesses to create accounts in other banks as well.