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Highly liquid assets dwindle in Azerbaijan

Highly liquid assets dwindle in Azerbaijan

31 July 2009 14:43 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. As of July 1, cash funds in Azerbaijan-based commercial banks stood at AZN 389 million, down 15.5% or AZN 71.58 million from early this year, said the Central Bank of Azerbaijan.

According to the report, funds on correspondent accounts reached AZN 552.18 million, down 42.5% or AZN 407.34 million from early this year.

Cash money and funds on correspondent accounts are assets with high liquidity. These assets fell by AZN 478.92 million or 1.5 times during the first half of 2009.

The main reason for this is that in parallel to paying external liabilities banks have limited external funding as a result of the global financial crisis.

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