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Azerbaijanâ€™s banking sector gets greater role in economy

Azerbaijanâ€™s banking sector gets greater role in economy

30 October 2008 12:33 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As of October 1, the total assets owned by Azerbaijan-based banks stood at AZN 9 913.8 million, up 70.3% on a year ago.
The National Bank of Azerbaijan said the bank assets-GDP ratio reached 32.6%, down 2.5 percentage points on last year.
The ratio is expected to decline up to 30% by the end of this year because quarterly GDP growth rate exceeds assets growth rate.
Bank assets-GDP ratio was 20.9% in 2006 and 25.1% in 2007. It is noteworthy to compare that this ratio is 80-85% in Kazakhstan, 45-50% in Russia, 35-37% in Ukraine and bank assets are almost twice as high as GDP in most advanced economies.

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