Azerbaijan shuts seventh bank this year

Texnikabank failed the minimum capital requirement of 50m manat ($31m) and couldn’t meet its obligations to creditors, the central bank said.

The bank's management wasn’t "reliable or prudential,” it said.

The central bank had closed six lenders last month for the same reasons.

The number of banks working in Azerbaijan stood at 43 at the beginning of this year. A financial market source has said the number of local banks may fall to 30 already this month.