The funds in the amount of 677 million manat ($398 million) were required for the restoration of the capital of four liquidated banks in Azerbaijan, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said.
Rustamov made the remark in Baku at a press-conference on the revocation of licenses from NBC Bank and AG Bank, Trend reports.
“The volume of inoperative mortgage loans amounted to 670 million manat ($394 million), which makes 73 percent of all mortgage loans issued through the Azerbaijan Mortgage and Credit Guarantee Fund,” the chairman said.
The chairman said that the discussions with these banks have been conducted since early January 2020.
“The negative capital in the amount of 24 million manat ($14 million) and 167 million manat ($98 million), respectively, was revealed as a result of the audit report,” Rustamov said.
While commenting on the opinions of some experts in the field of economy that the financial performance of some of these banks was positive, Rustamov stressed that such statements cast doubt on the professionalism of such experts.
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