Azerbaijan-based banks will refinance 60% of foreign debts next year

Azerbaijan-based banks will refinance 60% of foreign debts next year
# 04 December 2008 08:49 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based banks will successfully refinance 60% of foreign borrowings in 2009, said Khagani Abdullayev, Executive Director of the National Bank of Azerbaijan.
He added that the banks repaid foreign debt obligations of AZN 900 million, including AZN 210 million in September and October. The refinancing of foreign obligations results from that fact that loans are financed for banks in the country. Banks take more conservative approach on lending. They screen customers individually for creditworthiness and do well with the risk management policy,” he added.
As at November 1, the total foreign obligations owed by banks reached AZN 2 155.2 million, up 3.2 times on the same period last year and up 2.2 times on early this year.
Average monthly growth in foreign obligations was AZN 118.3 million while theincrease was AZN 154.2 million in October.


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