Central Bank designates operator bank to conduct cash operations

14-09-2023

14 September 2023, Baku:  The Central Bank has initiated the process of delegating a number of business processes to commercial banks in order to optimize cash operations and to increase the effectiveness and efficiency of cash management.

In this context, the Central Bank has started the implementation of the operator bank model and established the requirements for the operator banks selected from among the commercial banks.

The Management Board of the Central Bank of the Republic of Azerbaijan by its decision dated August 30, 2023, designated “ABB” OJSC as a bank operator. It should be noted that the Management Board of the Central Bank of the Republic of Azerbaijan by its decision of June 21, 2023 designated Kapital Bank OJSC as a bank operator to provide cash services.

To note, both banks will perform the function of sorting the national banknotes received from other banks and the national postal operator in the automated processing equipment together with the cash received from their customers, and putting them to recirculation.