Some more banks may shut down in Azerbaijan in 2017.

According to Fins.az, in line with the governmental report of Azerbaijan for 2016, the capitalization of only 5 of 32 banks was completed as a result of conducted events. This process continues in other banks.

All the said, it is stated that the financial situation of other banks is quite stable.

Economic experts believe that the process of closure and merging of banks will continue in Azerbaijan this year.

According to MP Vahid Ahmadov, the Financial Markets Overview Chamber undertook certain works to improve banks' state, but could not complete this process.

The MP supposes that a number of banks with insufficiently high capital formation will be closed. He believes that 32 banks is currently too much for Azerbaijan.

He noted that 15-16 banks with large capital would be enough for the country to provide normal services to customers.

However, Ahmadov is generally against banks' closure.

News.Az