(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 13. The
process of opening bank branches is expected to simplify in
Azerbaijan, President of the Association of Banks of Azerbaijan
Zakir Nuriyev told the reporters, trend reports.
According to him, work is underway in connection with
amendments to the legislation.
"We expect the adoption of decisions in the financial
sector of Azerbaijan that will simplify and accelerate the process
of opening branches of banks, the cancellation of certification and
transfer of data of commercial and non-commercial organizations
with an annual turnover of more than 100,000 manat ($58,823) to
credit bureaus in order to determine the debt burden of the
population, which will further accelerate the process of crediting
the population," he said.
Nuriyev believes that the expansion of the powers of
the Central Bank of Azerbaijan will facilitate the work of
banks.
"All measures will be aimed at increasing the
flexibility of banks," he said.
Moreover, currency exchange processes will become more
flexible as tourism develops in Azerbaijan.
"The new rules will allow currency exchange offices to
work more flexibly on non-working days or in areas where banks do
not work. This is important for the development of tourism," he
said.
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