CBA governor sheds light on allegation if any banks to be closed

The Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov shed light on allegations whether any banks will be closed or not, Azernews reports, citing Governor telling at the press conference.

"I don't comment on assumptions. If some expert says that some bank will be closed, he should show facts and justify his claim," said Taleh Kazimov by commenting on the statements of some experts that "several banks will be closed".

Taleh Kazimov said that the main mandate of the Central Bank is to ensure financial stability. He noted that the financial sector should develop stably, provide support for economic growth, and protect the rights of creditors.

The Governor added that if any bank harms financial stability, the Central Bank takes appropriate measures: "First of all, we conduct educational work with it. If a shareholder of a bank cannot solve the problem, a decision is made to cancel the license. Currently "There is no bank with serious problems. Our financial sector is stable. Currently, we do not see serious risks in the financial sector."