Head of Azerbaijan’s Central Bank reveals reason for banks’ closure

If some problems in the banks operating in Azerbaijan are not eliminated in time or the work done doesn’t bring results, they should be closed, Chairman of the Central Bank of Azerbaijan Taleh Kazimov said at a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship.

“The financial sector is not some kind of pharmacy or gas station, this sector is under constant control. Some banks are very active, some work normally, and some are problematic and can damage the entire financial sector.

I don’t want banks to close. But in organizations that have big problems, it is necessary to get the job done on time. If problems are not fixed in time, the banks should be closed. Because the financial sector is at the center of the real sector of the economy. Their problems will affect Azerbaijan’s entire economy,” Kazimov said.