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Azerbaijan-based banks see a decline in external liabilities

06 January 2009 13:39 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. As of December 1, Azerbaijan-based commercial banksâ€™ external liabilities stood at AZN 2 044.7 million, up 3.2 times on a year ago and up 2.1 times on early 2008.
The National Bank of Azerbaijan (NBA) said the amount of external liabilities decreased by 5.1% or AZN 110.5 million in November.
In February last year, there was a slight decline of AZN 10.4 million in external liabilities. However, the decline in November is great value in terms of volume, because the problem of external liabilities became more urgent in Azerbaijan in connection with the global crisis.
At the same time banks and the NBA said that there are no problems in the payment of external obligations despite the crisis.
The decline in November showed that banks pursue sound policy. It is also necessary to note that the decline in external liabilities happened because of payments and absence of new borrowings.