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IBA restructuring stabilized banking sector – ADB

After international creditors gave consent for restructuring of International Bank of Azerbaijan’s foreign liabilities, the banking sector has stabilized in the country, Nariman Mannapbekov, Azerbaijan Country Director for the Asian Development Bank (ADB), said in his interview to Reuters.

“However, the banking sector still needs to increase the crediting. Apparently, volume of troubled loans has already hit the worst level and several well-capitalized banks rebuild their loan portfolio”, he added.

 

Earlier, the IBA announced that in accordance with the restructuring of foreign liabilities ($3.3 billion), new financial instruments have been submitted to the creditors on September 1, 2017 and transfer of certain liabilities to the state has been completed successfully.

 

 

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