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Azerbaijan-based cbanks see a 5.6% decline in external liabilities

Azerbaijan-based cbanks see a 5.6% decline in external liabilities

11 March 2009 14:35 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. As of February 1, Azerbaijan-based commercial banksâ€™ external liabilities stood at AZN 2 034.5 million, up 21 times on a year ago.
The National Bank of Azerbaijan (NBA) said the amount of external liabilities decreased by 0.7% or AZN 14 million in January.
The foreign liabilities declined by 5.6% or AZN 120.7 million from a historical high reached on November 1, 2008.
However, the decline in recent months 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.
It is also necessary to note that the decline in external liabilities happened because of repayments and absence of new borrowings.

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