Elman Rustamov: Azeri banks should borrow from domestic sources

Elman Rustamov: Azeri banks should borrow from domestic sources
# 06 April 2009 09:54 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Azerbaijan-based banks’ way out of the global financial crisis is to activate borrowing from the domestic market rather than international markets, said Elman Rustamov, the Chairman of National Bank of Azerbaijan.
He added that growth in the country’s banking system slowed down against the backdrop of the financial crisis given that there had been 70% annual growth previously.
“The banks’ external debt is $2.5 billion. The banks can’t regulate external debts with domestic loaning. Banks have to repay external debts in time because this may affect the country’s image,” he added.
He also noted that there was a slight decrease in personal deposits in banks.
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