Central Bank Fines 11 Banks
Eleven banks have faced fines for failing to comply with the regulations set by the Central Bank and for violations identified by the Bank Control Committee. The Central Bank’s committee discussed 47 issues in May, with 36 of them relating to registration and authorization processes for various financial organizations.
Three banks were issued warnings for not providing complete information about bank guarantees to the State Register of Credit Information and for exceeding the established limits on open currency positions. Additionally, fines were imposed on 11 banks for non-compliance with current legislation and economic norms.
Furthermore, one microfinance organization had its lending operations restricted for three months following an inspection. The Central Bank is taking strict measures to ensure that financial institutions adhere to regulations and maintain transparency in their operations in order to protect the interests of consumers and the stability of the financial sector.
