Consolidation of non-banking organizations not expected in Azerbaijan

Baku. 9 October. REPORT.AZ/ Consolidation or closure of non-bank credit organizations (NCOs) was and is not expected in Azerbaijan. Report informs, chairman of Azerbaijan Microfinance Association (AMFA) Suleyman Kalashov said.

"In fact, the NCOs do not need to unite. The central bank does not impose high requirements for them - anyone can create NCOs with registered capital of 300 thousand manats", said the head of AMFA.

According to S.Kalashov, credit unions are differ from NCOs: "Credit unions can not be formed. In the organization of these unions were shortcomings, there are difficulties in their management. However, leaders of NCOs are in line with banking specialists. There are difficulties, but I see no reason for the closure."