Finance

Home page

Finance

Azerbaijan-based cbanks see a 10% decline in external liabilities

11 September 2009 09:42 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. As of August 1, Azerbaijan-based commercial banksâ€™ external liabilities stood at AZN 1 843.2 million, up 32.27% on a year ago.

The Central Bank of Azerbaijan (NBA) said the amount of external liabilities decreased by 10% or AZN 205.3 million during January-July and dropped by 0.1% or AZN 2 million in July alone.
Since the global crisis emerged, commercial banksâ€™ external liabilities dwindled by 31.1 million after fluctuation since mid-2008.

Commercial banksâ€™ external liabilities increased by 2.4 times in 2007 and more than doubled in 2008 to hit a record of AZN 2 155.2 million on November 1, 2008.

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 CBA 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.