As of late January Azerbaijani banks’ liabilities to the country’s Central Bank (CBA) decreased to 501.7 million manats, or more than 3-fold YoY, according to the report of the country’s Financial Market Supervisory Authority.
Banks have reduced their liabilities by 19.7%, from 30.35 billion manats to 24.37 billion manats, according to the report. The main share of liabilities accounted for deposits – 16.91 billion manats (a 2.3% reduction since the beginning of the year).
The assets of the banking sector decreased by 13.1%, and amounted to 28.17 billion manats as of February 1.
The main reason for the assets’ reduction was a 30.7% decrease in the volume of loan portfolios of banks – to 11.24 billion manats compared to the volume of banks’ loan portfolios in late January 2017. Loans allocated to banks and other financial institutions also significantly reduced. Their volume has decreased 2.2-fold, to 257.4 million manats.
There are 30 banks in Azerbaijan, including two state-owned ones. (Trend/Business World Magazine)