Finance

Home page

Finance

Azerbaijan-based cbanks see a 12% decline in external liabilities

29 September 2009 14:16 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. As of September 1, Azerbaijan-based commercial banksâ€™ external liabilities stood at AZN 1 812.6 million, up 13.4% or AZN 214.3 million on a year ago.

The Central Bank of Azerbaijan (NBA) said the amount of external liabilities decreased by 11.5% or AZN 235.9 million during January-August and dropped by 1.7% or AZN 30.6 million in August alone.

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.

The decline in external liabilities happened because of loan repayments and the absence of new borrowings.