ABA Chairman: Banks should not work with old methods

ABA Chairman: Banks should not work with old methods According to him, deposits to Azerbaijani banks have noticeably reduced
Finance
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November 24, 2016 10:46
ABA Chairman: Banks should not work with old methods

Baku. 24 November. REPORT.AZ/ Azerbaijan economy, including bank sector, tries to adapt to new circumstances, stipulated by collapse of oil prices and more than double devaluation of national currency. 

Report informs, chairman of Azerbaijan Banks Association (ABA) Zakir Nuriyev told at forum entitled "Banking Prospects in the Post-Oil Period", organized by ABA.

According to him, deposits to Azerbaijani banks have noticeably reduced, and existing portfolio converted to US dollars: “This raises loaning risks and losses of banking sector. I think in current situation the banks should not work with former methods; they should tackle current situation with minimum damage”.

Z. Nuriyev told that, taking into account new situation, the institution headed by him improves its functionality: we have created 9 expert groups within organization and conduct active works to adjust legislation to new circumstances.  

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