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Azerbaijan-based cbanks see a decline in external liabilities

10 April 2009 16:37 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. As of March 1, Azerbaijan-based commercial banksâ€™ external liabilities stood at AZN 1.969.9 million, up 2.04 times on a year ago.
The National Bank of Azerbaijan (NBA) said the amount of external liabilities decreased by 3.8% or AZN 78.6 million during January-February and dropped by 3.2% or AZN 64.6 million in February alone.
Since the global crisis emerged, commercial banksâ€™ external liabilities dwindled by 31.1 million after fluctuation since mid-2008.
Average monthly growth in external liabilities was AZN 89.7 million in 2008, triple the total decline up to now.
The decline in recent months is great value in terms of volume, because the problem of external liabilities became more urgent in Azerbaijan in connection with the global crisis.
At the same time, banks and the NBA said that there are no problems in the payment of external obligations despite the crisis.
It is also necessary to note that the decline in external liabilities happened because of repayments and absence of new borrowings.