The Azerbaijani banking sector will be able to overcome the challenges before it, Ziyad Samadzade, chairman of the parliamentary committee on economic policy, industry and entrepreneurship, said at a conference on “Financing through capital markets, listing and investments” in Baku on March 6.
Samadzade said that the banking sector of Azerbaijan had gradually begun to recover, and the rate of national currency had stabilized, but the banks faced new challenges.
“Today, the banking sector of Azerbaijan faces such tasks as more efficient use of lending and reduction to a minimum of banks operating at a loss. Moreover, it is necessary that the data indicated in the audit reports correspond to reality,” the MP said.
“If the audit was conducted transparently in banks a few years ago, today we would not have such a number of closed banks. In other words, today banks should work more transparently in order to restore the confidence of customers,” Samadzade added.
Assets of the banking sector of Azerbaijan amounted to 28.17 billion manats, and liabilities totaled 24.37 billion manats in January. Capitalization of the banking sector totaled 3.8 billion manats as of February 1. (Trend/Business World Magazine)
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