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IMF Welcomes Restructuring of Azerbaijani Bank Sector

The IMF mission welcomes the preparation of the bank restructuring plan and urges its prompt implementation, said the report of mission.

The plan should address the high level of nonperforming loans and lead to an increase of the capital of the weak banks.

Authorities have already taken measures to improve the health of the banking sector.

"The licenses of eight banks have been revoked, an asset quality review and a top-down stress test are being finalized, and an action plan is under preparation by the newly created supervision authority in close coordination with the Ministry of Finance and the Central Bank to restructure the remaining ailing banks", said in report.

Source: Trend

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