According to the resolution of the National Bank Board of September 30, 2003, special agreements (licenses) for limited banking transactions by credit unions, such as MOS founded in Gabala region, Pay-Credo in Agjebedi region, Galagayin in Sabirabad region, Mahmudlu in Fizuli region, Salvan and Shorsulu in Salyan region and Zagatala in Zagatala region have been cancelled.
The reason of cancellation of the licenses of MOS and Pay-Credo was the fact that from the day of giving the license they have not performed banking transactions during one year. The licenses of two others were cancelled for irregular reporting.
Credit unions, deprived from special agreement (license) were assigned to found a commission on closure and the related works.
© Content from this site must be hyperlinked when used.