How did sanctions against Russia affect banking sector of Azerbaijan?

17:27 - 8.07.2022


July 8, Fineko/abc.az. The dependence of Azerbaijan's banking sector on Russia is limited, but the situation needs to be controlled.

ABC.AZ reports that this is stated in the IMF final statement following the consultations on Article IV held from May 25 to June 7 in Baku.

Given the role of Azerbaijan as an important trading partner of Russia, banks may resort to alternative systems.

The IMF recommends that officials closely monitor the use of alternative payment systems or cryptocurrencies by banks.

“The authorities do not currently see any serious problems with correspondent banks in Russia, and they are monitoring the situation closely. However, there appear to be some challenges with the correspondent banks in the United States and Europe, including delays in processing payments. While two-thirds of Azerbaijan’s banks have a correspondent account in the U.S. and European banks, some banks continue to have problems with accessing correspondent banking services,” the IMF staff team says.

Other news