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Liquid banks assets dwindle in Azerbaijan

Liquid banks assets dwindle in Azerbaijan

01 May 2009 16:50 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of April 1, current (liquid) assets of Azerbaijan-based commercial banks stood at AZN 460.73 million, down 18.2% from a year ago.

Correspondent accounts which are 100% liquid assets dropped by 16.4% in March to AZN 529.67 million, said the Central Bank of Azerbaijan.

Correspondent accounts fell by 44.8% or AZN 429.88 million during the first quarter.

This indicates that commercial banks used correspondent account funds for some purposes including repayment of obligations. Besides, part of correspondent accounts were withdrawn and converted to cash.

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