Central Bank of Azerbaijan sees no need for sector-specific banks

The Central Bank of Azerbaijan (CBA) does not consider it appropriate to establish banks specializing in specific sectors of the economy, CBA Governor Taleh Kazimov said at a press conference on Wednesday, according to Report.

Kazimov noted that there is currently no need for such institutions in Azerbaijan, pointing out that the country previously had experience with agricultural banking, while most banks today operate under a universal model.

"I do not think there is demand in the market for sector-specific banks. Our main objective is to strengthen interbank competition," he said.

Kazimov added that some banks may choose to focus on certain areas in the future, such as operating exclusively in mortgage lending, but emphasized that there is no such necessity at present.