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Azerbaijan will amend Law on Banks

05 May 2009 15:54 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. With a view to making changes and amendments to the Law on Banks, the Parliamentary Committee for Economic Policy is reviewing the law, said Ziyad Samedzade, Chairman of the Committee.

According to him, the Committee is currently reviewing a number of bills, including competition code, deposit insurance law and other legislative acts.

With regard to the Law on Banks, the committee is reviewing the law to identify the most successful items.

â€œReforms in the banking sector yield good and evident results. Unlike, foreign banks, Azerbaijan-based banks didnâ€™t go bankrupt amid the global financial crisis. This is due to the tight government control and the Central Bankâ€™s cutting refinancing rates,â€ he added.

According to him, the preparatory process to make changes and amendments to the Law on Banks will be completed in autumn.