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Azeri commercial banksâ€™ foreign liabilities on decline

Azeri commercial banksâ€™ foreign liabilities on decline

02 July 2009 13:14 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of June 1, Azerbaijan-based commercial banksâ€™ foreign liabilities stood at AZN 1 928.5 million, up 52.8% from the same period last year, said the Central Bank of Azerbaijan.

However, foreign liabilities declined by AZN 120 million or 5.9% during January-May

The drop in foreign liabilities was AZN 9.6 million or 0.5% in May alone.

The decline is attributed to the fact that foreign debt service has continued and new debts are not borrowed.

Commercial banksâ€™ foreign obligations have started to decline since October 2008.

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