11:36 - 4.02.2020

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February 4, Fineko/abc.az. The recovery process in the banking sector is underway and should continue.

ABC.AZ reports that the statement was made by President Ilham Aliyev at a conference dedicated to the results of the first year of implementation of the

State Program of Socio-Economic Development of the Regions of Azerbaijan for 2019-23.

The head of state noted that banks were given a lot of support, all deposits are insured and this process has been extended.

Speaking about the support provided to banks, the country’s leader warned them: "I believe and I am confident that the crisis period is over. However, in order to increase public confidence in banks, the state is again taking on this issue. Azerbaijan is a rare country where all bank deposits are insured by the state. This is great support given to banks, a privilege, but at the same time increases their responsibility. If there is any surprise from private banks, let them blame themselves. Under the new powers granted to the Central Bank of Azerbaijan, control must be stronger in order for the recovery process to be completed successfully."