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Azerbaijan shuts down 4 more credit unions

Azerbaijan shuts down 4 more credit unions

16 October 2009 14:30 (UTC +04:00)

Baku. Elnur Guseynguluev - APA-ECONOMICS. The Central Bank of Azerbaijan revoked the license of Azerbaijan 4 other credit unions - Lider (Beylagan Region), Qrant (Baku), Traser (Fizuli Region) and Gedabey Credit Union (Gedabey Region).

The central bank attributed the revocation to the fact that these credit unions failed to submit for two reporting periods for unexcused reasons, to have the annual audit and violated regulations.

There are 80 credit unions in Azerbaijan.

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