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Azerbaijan: Banking
Country Study > Chapter 6 > The Economy > Economic Reform > Banking

BANKING


Under the Soviet system, Azerbaijani banks were subordinate to central banks in Moscow and elsewhere in Russia. Bank funds were distributed according to a single state plan, and republic banks had little input into the raising or allocation of funds. In early 1992, former Soviet banks were incorporated into the National Bank of Azerbaijan (NBA). The 1992 Law on Banks and Banking Activity and the Law on the National Bank established the NBA as the top level of the new system and commercial banks (state- and privately owned) on the second level. However, in 1993 the system was undermined by poor technology, large unresolved debts among state-owned enterprises, irregular participation by enterprises, and bank delays in transferring funds. The main bank for the exchange of funds among private and state enterprises is the Industrial Investment Joint Stock Commercial Bank.

Data as of March 1994




Last Updated: March 1994


Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Azerbaijan was first published in 1995. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on Factba.se.

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