Azerbaijani Finance Ministry holds monitoring of quality agent-banks' services

Business Materials 20 May 2006 12:54 (UTC +04:00)

This year the Azerbaijani Finance Ministry refused the practice of the annual competitive selection principles of commercial banks for service of transit treasury accounts of the financial bodies of the country. The Deputy Finance Minister told that the tender might be announced only in 2007, Trend reports.

At first, the Ministry is planning to hold the monitoring of the service quality of agent- banks treasury accounts.

The involvement of the private banks in delivery of the treasury account services is one of the demands of International Monetary Fund (IMF) within the framework of the creation of the competitive atmosphere in the bank market of the country. Up to 2005, the service of the treasury accounts was rendered only by the half-governmental International Bank of Azerbaijan and the State Capital Bank. Beginning from January 1, 2005, Texnikabank became the first private bank involved in the service. That banks authorities were restricted with Sumgait. But at present, 5 private banks are involved in the service. The treasury account is served by the bank Standard in Lankaran, by Atabank in Khachmaz, by Turanbank in Gadabay, by Nikoilbank in Gabala.