Azeris See Bank Overhaul Ending After Every Seventh Lender Shut
- Central bank revoked licenses, encouraged mergers amid crisis
- Collapse in crude prices ignited currency rout in Azerbaijan
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The Azeri central bank said the job of overhauling the financial industry is almost done after shuttering every seventh lender in the country in 15 days and pushing several others to merge.
“The process of restructuring the banking sector has mostly been completed,” Namiq Aliyev, head of the central bank’s press service, said Thursday in an e-mailed response to questions. “Depending on the situation, the central bank is taking the necessary measures to ensure financial stability and defend the interests of creditors.”