Credit unions to be allowed to receive deposits

He says credit unions are categorized for their meeting international standards. "Our proposals say that highest categorized credit unions should be allowed to receive deposits from population. National bank promises to contribute to the development of these unions," he says.

Mr. Baghirov claims that credit unions’ principal problems are about legislation. "New unions don't manage to act without attracting funds from outside. We also suggested that credit unions be exempted from taxes for the received funds because they offer these funds to customers," he says.

Some credit unions have received funds from Enterprise Assistance Fund, APA reports.