The Central Bank of Azerbaijan (CBA) has begun the process of transferring a number of business processes to commercial banks in order to optimize cash transactions, increase efficiency and effectiveness.
Report reports citing the bank that in this regard, the CBA began to implement the operator bank model and determined the requirements for operator banks selected from among commercial banks.
In accordance with the decision of the Board of Directors of the Central Bank dated August 30, 2023, International Bank of Azerbaijan OJSC (ABB) was selected as the operator bank. By another decision of the Board of Directors dated June 21, 2023, Kapital Bank OJSC was also selected as the operator bank.
Both banks, along with funds received from their clients, will perform the function of sorting and recycling paper banknotes received from other banks and the national postal operator.