Baku. Yegane Lachinzade – APA-Economics. Azerbaijan's banks with highly dollarised balance sheets were hurt by its domestic currency’s depreciation against the US dollar, says Fitch Ratings' Report “Dollarisation in CIS/Georgian Banking Sector”.
The report says banks in CIS countries and Georgia have been also hit by their domestic currencies' considerable depreciation against the US dollar. “Banks have been most severely hit in Azerbaijan and Ukraine, where regulatory support was not forthcoming. Banks in Kazakhstan, Russia and Belarus were partly shielded by government support measures,” says the report.
According to the report, Azerbaijan's banking sector faced the problem of capitalization as a result of decline in economic growth due to the fall in oil prices.
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