Minister: 'Level of International Bank of Azerbaijan's problem is specified'

Financial Markets Control Chamber re-classifies bank's assets

Baku. 20 May. REPORT.AZ/ Cleaning of 'toxic' assets of the International Bank of Azerbaijan (IBAR) is continuing.

Report informs, Minister of Finance Samir Sharifov said.

'Of course, firstly, assessment is carried out. Earlier the Central Bank of Azerbaijan Republic had relevant regulatory documents, now Financial Markets Control Chamber. Banks' assets, namely classification of loans are conducted according to these documents and under the classification whether they are problem assets or not is being defined. In accordance with the classification, problem assets revealed in the International Bank of Azerbaijan. This process is ongoing. It should be considered that appearance of additional challenge as a result of devaluation observed in the bank. Financial Markets Control Chamber will determine more accurate level and amount of the problem due to re-classification of assets'.

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