IBA clears its foreign debt of $700M over course of five months

IBA clears its foreign debt of $700M over course of five months
# 26 May 2016 09:28 (UTC +04:00)

Baku. Yegane Lachinzade - APA-Economics. By attracting resources with low interest rates, the International Bank of Azerbaijan managed to repay a portion of its arrears with a higher interest rate, chairman of board Elmar Mammadov said in his interview to The Business Year magazine.

According to him, as of August of 2015, the IBA repaid its arears to foreign financial institutions in the amount of $550 million: “In addition, IBA-Moscow’s arrears of $140 million have also been repaid by the IBA. Thus, the bank has cleared its foreign debt of $700 million over the course of five months”.

He also added that thanks to the reduction of the foreign liabilities, bank’s market risks have decreased and financial sustainability improved.

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