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Azerbaijan Resumes Bank Cleanup by Culling Four More Lenders

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Azerbaijan closed down four more banks as the former Soviet Union’s third-largest crude exporter reels from the worst collapse in oil prices in a generation.

The Financial Markets Supervisory Authority revoked the licenses of Dekabank, Kredobank, Parabank and Zaminbank to “reduce risks in the banking sector, ensure financial sustainability and increase trust,” Rufat Aslanli, head of the Baku-based regulator, told reporters Friday in the Azeri capital. Azerbaijan has 33 banks left after the latest move.