Azeri banking in upswing, National Bank boss says

AZERBAIJAN - The Azerbaijani banking system, which was in a poor state in 1993-95, is experiencing a period of upswing, the chairman of the board of the National Bank of the Azerbaijani Republic, Elman Rustamov, has said.

He said that reforms of the state and private banking sectors had made it possible to bring about development. A process of consolidation can be observed in the banking sector. Out of 250 banks set up in the republic, 46 are currently operating. The process of merging state b