Expert: In Azerbaijan, the State provides support to large banks

15:19 - 31.05.2023

May 31, Fineko/ Many large banks in Azerbaijan have government deposits. If the State withdraws its deposits from these banks, the financial situation there will not be the best.

ABC.AZ was informed by expert Oruj Ibragimov.

According to the expert, currently there are Top 5 banks in Azerbaijan, in which the State has made deposits in large volumes, and these banks are currently functioning at the expense of these deposits:

"For example, the State Oil Fund has deposits in some banks. It is at the expense of the Oil Fund and other government deposits that many can make a profit. If these deposits are attracted by the State, the fate of these banks will not be good. In fact, this is a kind of state support for banks. This is how the State provides support to banks. I’d also like to note that currently the financial literacy of the population in the country is at a low level. Work is also underway in this direction, and, as far as I know, the Central Bank is currently strictly monitoring it."