BAKU: The Central Bank of Azerbaijan (CBA) has prescribed the Azerbaijan Industry Bank OJSC to take measures to improve internal procedures, Trend reports.

In line with Article 47 of the “On Banks” law, an order was issued to strengthen OJSC internal procedures, taking into consideration the improper calculation of the liquidity coverage ratio in the report presented to the CBA by the end of February.

According to the CBA, the aforementioned infringement poses no threat to Azerbaijan Industry Bank’s financial stability.

To note, Azerbaijan Industry Bank was established in 1996. Its assets exceeded 409 million manat ($240.59 million), loan portfolio – 256.47 million manat ($150.8 million), liabilities – 634.9 million manat ($373.4 million), and capital – 114.3 million manat ($67 million) last year.

Source: Trend News Agency