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Elman Rustamov: Azerbaijan will go on with high financial stability in 2010

03 September 2009 13:55 (UTC +04:00)

â€In order to minimize the impact of banksâ€™ foreign debt service amounting to more than 800 million dollars on the credit-lending buoyancy, the central bank increased liquidity support while maintaining the focus on quality of the loan portfolio. As a result, loan portfolio increased by 5.5%, assets rose by 9% and return on assets reached 2.9%. In addition, the proportion of overdue loans in the loan portfolio was only 3.6%, and the capitalization of this sector increased by 11% during the year,â€ he added.

According to him, Azerbaijan’s economy has shown good resistance to the crisis.

â€œThe economy, as well as the banking sector is well protected against the negative impact of the global crisis, and high growth is returning gradually. In such circumstances, we will see 2010 with a stable economic trend and financial stability. Maintaining macroeconomic stability and restoring high economic growth in the non-oil sector will be one of the main priorities for next year,â€ he underlined.

Rustamov noted that there has been a positive trend in bank deposits since the second quarter of 2009.

â€œFrom the beginning of this year, deposits have increased by 5%. At the same time, the deposit growth rate was supported by the decision to increase the insured amount of deposits by fivefold to AZN 30 000,â€ he added.