15:45 - 17.05.2023

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May 17, Fineko/abc.az. By Central Bank’s decision from May 16, another bank has been closed – Günay Bank. The CBA, referring to Articles 16.1.6, 16.1.7, 16.1.9 and 61.1 of the Law on Banks as a basis, pointed out that the amount of bank's total capital is less than the minimum amount established for banks, the total capital adequacy ratio is less than 3%, and also does not carry out its current activities reliably and prudentially.

ABC.AZ reports that economist expert Samir Aliyev said in his social network account that the process of closing banks will not stop on this: "There is a high probability of closing several banks. This is an integral part of the banking policy carried out in the country."

According to the expert, this policy lies in the fact that amid the decline in oil money, the number of banks available to the Azerbaijani economy is very large: "Over the past 10 years, the number of banks has decreased from 45 to 24. In the coming years, their number will fall below 20. This is also required by the tendency to reduce the number of banks observed in the world against the background of introduction of blockchain technology."

By Elmir Murad