The National Bank of Azerbaijan (NBA) considers the capitalizations of the banking sector of the country insufficient.

Mediamax reports referring Trend that the Deputy Chairman of NBA Management Board Rufat Aslanli informed that at present intensive work is carried out to assess the level of capitalization of banks in compliance with normative requirements of the National Bank, according to which the minimal volume of aggregate capital of the banks should make no less that 10mln manats.

“This is an insufficient volume of capital for the Azerbaijani banking sector, and the National Bank plans to define the new strategy”, Aslanli stated.

As of June 1 of 2007, the capital of 23 Azerbaijani banks exceeded 10mln manats. In 17 banks, it was formed within the range of 5-10mln manats.