Baku – APA-Economics. The International Bank of Azerbaijan, the largest bank of Azerbaijan, will shrink, the country’s Finance Minister, Samir Sharifov, told reporters in Baku Sept. 26.
According to him, the rehabilitation of the International Bank of Azerbaijan continues.
“As you know, the bank’s toxic assets are transferred to Aqrarkredit CJSC non-banking credit organization and in return Aqrarkredit makes payment to the bank,” he said.
He noted that the bank has external debts and Aqrarkredit buys assets with manats.
“It causes imbalance. Bringing this amount of manats to the market can adversely affect the exchange rate of manat. The state took over the rehabilitation of the bank and the main issue is the interests of depositors. The biggest bank’s facing problems may undermine Azerbaijan's reputation. The Central Bank of Azerbaijan is currently pursuing a purposeful monetary policy. We are also giving necessary support to the Central Bank. One of the main objectives of the rehabilitation process is the bank’s shrinking. After repayment of foreign liabilities, bank's assets and liabilities will seriously diminish,” the finance minister added.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
