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Central Bank of Azerbaijan comments on commercial banksâ€™ investment activity

Central Bank of Azerbaijan comments on commercial banksâ€™ investment activity

15 December 2009 14:07 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. The Central Bank of Azerbaijan has explained the reasons behind the growth of investment expenditure of private banks.
Rashad Orujev, lending supervision officer at the central bank, said the increase in private banksâ€™ costs is due to the higher costs of financial reserve, infrastructure, purchase of new operating systems, introduction of corporate and risk management systems etc.

As at November 1, banksâ€™ investment costs stood at AZN 794.85 million, a 17% increase over the past 7 months.
There are 1 state-owned and 45 private banks in Azerbaijan.

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