CBA sees no problems in "Nakhchivanbank" closure
Reorganisation of the only regional bank of Azerbaijan - "Nakhchivanbank" into a non-banking credit organisation (NBCO) "E-kredit" bank does not pose a threat to the bank's creditors, including its depositors.
The Central Bank of Azerbaijan (CBA) said in a statement.
"According to the latest report, "Nakhchivanbank" has no financial difficulties, its assets make it possible to fully fulfill obligations to all physical and legal entities. The specific weight of the bank in the sector is 0.24% on assets, including 0.04% on loan portfolio and 0.003% on liabilities. "Nakhchivanbank will soon fulfill its obligations to depositors and other creditors based on the plan adopted pursuant to the rules," the statement said.
Finance
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The Central Bank of Azerbaijan (CBA) has approved the ‘Concept of Policy on Risk-Based Control’. This is reported on the website of the structure.
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If 2 years ago a share of local revenues in the budget of the Nakhchivan Autonomous Republic was 20-25%, by this year's end a share of local revenues will exceed 50%.
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The Central Bank of Azerbaijan (CBA) has given binding instructions to 'Azsığorta', 'Atəşgah Insurance', 'İpək Yolu Insurance', 'Xalq Həyat Insurance', 'Aqrar Insurance' and 'AzRe Təkrarsığorta'. This is reported on the CBA website.
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The NBCO 'Para will hold a regular general meeting of shareholders on 4 February at 11:00.
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