12:45 - 11.07.2023

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July 11, Fineko/abc.az. The Central Bank has commented that after a 4-year break, the number of non-bank credit institutions in Azerbaijan began to decrease again.

ABC.AZ reports that NBCO's sustainable management is under constant control and appropriate legislative measures are being taken.

"In the 1st half of 2023, CBA Board of Directors’ relevant decisions cancelled the licenses of three NBCOs due to non-compliance with the instructions of the supervisory authority on elimination of violations committed in accord with the Law on NBCOs.

However, development of the NBCO sector is in the spotlight, their activity is supported. In this context, necessary measures are underway to form the NBCO development strategy, as well as in the format of a mutual dialogue with representatives of the sector, the prospects for development of the sector, problems and ways to solve them are regularly discussed," the CBA informed.