Azerbaijani Central Bank completes first phase of risk management improvement project

"The CB together with PricewaterhouseCoopers completed the first phase of the project which covers evaluation of internal and external risks of the CB, mapping of risks and registers," Orujov added.

Orujov said currently the second phase of the project is under discussions.

"We will begin to implement the second, final phase, as soon as we complete the first phase," Orujov added.

Considering the general level of risk management in the Azerbaijani banks, Orujov said that the situation with risk management in the country is improving.

"A big part of the crisis has been left behind, and respectively, the level of risk decreases and the situation stabilizes. We expect even more improvement by late 2009," Orujov added.

A total 46 banks operate in Azerbaijan.

/Trend Capital/