Weekly review of main events of Azerbaijani financial market

Finance Materials 27 February 2022 16:25 (UTC +04:00)
Weekly review of main events of Azerbaijani financial market

BAKU, Azerbaijan, Feb. 27


The information that the Azerbaijani banks may establish correspondent relations with BNY Mellon was spread during the outgoing week.

Members of the Compliance Expert Group operating under the Azerbaijan Banks Association (ABA) met with the delegation from the Istanbul branch of The Bank of New York Mellon.

The current situation with the banks operating in Azerbaijan, an assessment of correspondent relations with the US banks, the degree of AML Compliance functions of banks with the requirements of international practice and other steps which must be taken by the banks to fully meet these requirements were considered during the meeting.

Moreover, during the meeting, foreign experts highly appreciated the ability of banks operating in Azerbaijan to meet modern requirements, develop in accordance with current requirements and quickly respond to the sudden changes on a global scale.

The event called "Banking Awards - 2021" organized by the Azerbaijan Banks Association (ABA) was held as part of the online meeting during the outgoing week.

Top management of commercial banks, heads of expert groups operating under ABA took part in the award ceremony for ABA member-organizations in various nominations.

The banks implemented numerous corporate social responsibility projects, as well as the measures to support education and financial literacy in 2021. ABA evaluated the projects implemented in all these spheres and selected the most active banks in various categories.

VTB Bank Azerbaijan continues rendering financial services by maintaining a high level of liquidity and capital. The accepted restrictions do not affect the safety and availability of customer funds. All accounts are active and customer funds are available both at bank branches and via remote channels.

They can still be fully used to conduct all transactions in the national currency in Azerbaijan. The bank fulfills its obligations to customers. It is possible to withdraw cash at any ATM and partner banks throughout the country.

VTB Bank Azerbaijan’s payment cards are valid abroad and it is possible to withdraw funds at any time. Clients - legal entities should temporarily refrain from conducting any transactions and settlements in US dollars and euros as part of servicing the organization at VTB Bank Azerbaijan. The bank will present alternative solutions to its customers soon.

Azerbaijan plans to expand the range of financing tools. The National Confederation of Employers' Organizations of the Azerbaijan Republic is aimed at increasing the availability of financial resources in Azerbaijan.

It is necessary to create new financing tools and develop the issuance of funds under leasing, factoring, subsidizing and some other types. Islamic banking includes at least four financing tools that provide the population and businesses with the access to the financial resources.

The work is already underway to optimize the legislation and our confederation is conducting research on this market.