Central Bank designates operator bank to conduct cash operations

28-07-2023

28 July 2023, Baku: The Central Bank delegates a number of business processes to banks in order to optimize the business processes related to cash and to increase the effectiveness and efficiency of cash management through the use of modern technological systems and equipment in banks.

In this context, for the first time, the Central Bank has initiated the process of selecting operator banks from among the banks that meet the requirements established by the Central Bank to recirculate national currency banknotes received from other banks and the national postal operator, directly or through other commercial banks, by sorting them in automated processing equipment, in addition to cash received from their customers.

Kapital Bank OJSC, which met the requirements set by the Central Bank, including the requirements for appropriate processing infrastructure, adequate fleet of equipment, specialized personnel, special security standards, etc. and applied to operate in this area, was designated as a bank operator to provide cash services.

Additional information will be provided if the Central Bank designates new operator banks in the future.