OREANDA-NEWS. March 09, 2010. CBA first deputy chairman Alim Guliyev says that Azerbaijan is numbering 46 banks.

“Such quantity of banks is too much from angle of country’s population and territory. This year the CBA is going to develop and start gradual applying of strategy on consolidation of the banks. As a result, number of banks in Azerbaijan can reduce to 20 organizations and this figure is quite sufficient for national economy,” he said.

Guliyev added that currently only 15-20 banks are system-forming among the 46 banks of Azerbaijan.

“Depending on the banks to be covered by consolidation, some of them will be merged or their licenses will be restricted and they will start operating as non-bank credit institutions. In other cases such banks will stop functioning at the domestic market at all,” he said.

Following such scenario quantity of banks in Azerbaijan will lower 2.3-3 fold.

Earlier the International Monetary Fund’s mission backed the CBA plan on development of Strategy on Consolidation of Banks of Azerbaijan.