OREANDA-NEWS. March 03, 2010. The International Monetary Fund (IMF) has come forward with the recommendations on the occasion of consolidation of banking system of Azerbaijan.

Nienke Oomes, IMF resident representative to Azerbaijan, informed that according to the IMF data, currently the Central Bank of Azerbaijan was preparing a plan of consolidation of domestic banking system.

“Currently Azerbaijan is numbering 46 banks and this is too much for economy of such country. We back Central Bank’s policy on consolidation and reduction of quantity of banks in Azerbaijan. That will also allow simplifying monitoring procedures, raise competition and cut interest rates on loans,” Ms. Oomes said.

The Central Bank has not announced of the being-prepared program, but according to “penetrating data”, at least 6 credit institutions can be deprived of their banking licenses in the process of its realization.