Azerbaijan sees bank assets declining

Azerbaijan sees bank assets declining
# 24 December 2008 09:16 (UTC +04:00)
The National Bank of Azerbaijan said bank assets declined 0.4% or AZN 37 million as against a month ago while grew 47.3% or AZN 3 178.8 million from early this year.
November marked a decline for the first time against the backdrop of a monthly asset growth rate of AZN 289 million throughout 2008.
The assets decline is not attributed to he bank’s move to limit loan lending because the banks’ total loan portfolio was AZN 158 million in November.
The assets decline might be caused by a decrease in other components of the assets, like cash money, corresponding accounts and deposited given to the financial sector.
This is to do with the banks’ amortizing their foreign debts. The slight decline in assets doesn’t pose any threat because this is a “required loss” to pay external obligations.
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