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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 bankâ€™s move to limit loan lending because the banksâ€™ 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 banksâ€™ amortizing their foreign debts. The slight decline in assets doesnâ€™t pose any threat because this is a â€œrequired lossâ€ to pay external obligations.

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