Chairman of Azerbaijan’s Chamber of Accounts Heydar Asadov stated that, to secure the liquidity of the Azerbaijani banking sector, the state budget for 2009 provides for allocating 50mln manats, which will be invested in the authorized capital stocks of the banks.

Mediamax reports referring Trend that the Deputy Minister of Finance Azer Bairamov stated that the means from the budget are meant to be used for the whole banking sector.

“The criteria for selecting the banks are not yet defined, and joint work is in process with the National Bank of Azerbaijan at present to solve the issue”, Bairamov stated.

All in all there are 45 banks functioning in Azerbaijan, in 23 of which foreign capital is present.