Azerbaijan Banks Association: Closure of banks not related to COVID-19

Azerbaijan Banks Association: Closure of banks not related to COVID-19

BAKU, Azerbaijan, May 13

By Eldar Janashvili - Trend:

Among the many tasks of the Central Bank of Azerbaijan (CBA) at the beginning of 2020, the most important was the financial recovery of the banking system, Chairman of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said during Hedef TV program, Trend reports on May 13.

The financial recovery of the banking sector was usually postponed to the next quarter due to the emergence of more pressing current problems, but they have begun to deal closely with this issue in connection with its importance and relevance, ABA’s chairman said.

Accordingly, as part of the ongoing reform on improvement of the banking sector and the development of lending, the board of the CBA appointed temporary administrators at Atabank, AGBank, NBC Bank and Amrah Bank on April 27, and then all four banks were liquidated and filed applications about bankruptcy, he added.

Nevertheless, the current situation with banks is not related to the coronavirus pandemic, but is a consequence of accumulated problems for the previous period, which resulted in a critical state of banks at the beginning of 2020, Nuriyev noted.

The chairman also said that banks are being closed worldwide and in Russia, eight banks were closed in the first quarter of 2020, and banks were being closed all over Europe in 2019.

This is a normal process, and although this is an undesirable scenario, in general, it is typical for the global economy, added Nuriyev.

He also noted that the banking sector is mainly estimated by the amount of adequate capital, which is 4.7 billion manat in Azerbaijan.

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Follow the author on Twitter: @eldarjanashvili

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