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Azerbaijani banks may see external debt rise by yearend

Azerbaijani banks may see external debt rise by yearend

15 October 2009 09:07 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. Azerbaijan-based commercial banksâ€™ total foreign debt is expected to reach the level of 2008 by the end of this year, said Khagani Abdullayev, Director General of the Central Bank of Azerbaijan.

According to him, the banks have borrowed about $600 million and repaid $1 billion in foreign debt this year.

"The result is a surplus of $400 million. However, banks are going to borrow some more funds from abroad. By the end of this year, we expect their total foreign debt to rise to $2 billion or the level of 2008 yearend,â€ he added.

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