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Azerbaijan 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
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