Central Bank to open two branches in Azerbaijan's liberated territories
By Ayya Lmahamad
The Central Bank of Azerbaijan (CBA) plans to open two territorial branches in the country's recently-liberated territories, the bank's Chairman Elman Rustamov has told local media.
One of these banks will probably be in Shusha city, the chairman said.
Rustamov noted that the CBA is preparing an expanded concept of its policy on the development of banking infrastructure in the liberated territories.
Moreover, Rustamov stated that the bank will help revive both the banking infrastructure and the insurance sector in these territories and it is holding discussions with the banking sector about the development of banking infrastructure in the liberated territories.
Additionally, he emphasized that the bank will issue commemorative banknotes dedicated to the liberated regions of Karabakh.
"One of our main tasks is to resume the circulation of the national currency throughout the sovereign territory of Azerbaijan. We plan to issue commemorative banknotes dedicated to Karabakh closer to the first anniversary of the Great Victory," he added.
So far, Kapital Bank has set up an ATM and a payment terminal in the liberated Hadrut, Shusha and Gubadli. In addition, the International Bank of Azerbaijan installed its first non-cash payment center in liberated Shusha city after its liberation from 28 years of Armenian occupation. It should be noted that the International Bank of Azerbaijan is the first bank that began its activities in the liberated territories. The first ATM was installed in the Hadrut settlement at the beginning of December.
Currently, work is underway to restore Azerbaijan’s liberated territories.
Azerbaijan has allocated AZN 2.2 billion ($1.3bn) for reconstruction works in the liberated territories in 2021. In particular, these funds will be used to restore the infrastructure (electricity, gas, water, communications, roads, education, health, etc), as well as cultural and historical monuments.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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