Banking system developing slowly

Total charter fund of all banks as of December 1, 2000 made up 686 billion manats, or 3% of last year’s GDP, which is an illustration of an extreme weakness of the banking system.

According to the Ministry of Economics, as of December 1, 2000, the National Bank had issued licenses to 59 banks, 57 banks have been permitted to engage in foreign currency transactions. These banks have 194 affiliates, including outside Azerbaijan – “Caucasus Development Bank” in Tbilisi and the International Bank in Moscow.