Baku, Azerbaijan, Nov.14
By Maksim Tsurkov - Trend:
On September 1, 2014 the total capital of the banking sector in Azerbaijan amounted to about 3.8 billion AZN, which is 1.2 percent more than at the beginning of August this year, and up 10.6 percent more compared to early 2014 and an increase of 22 percent for a year.
The official exchange rate on 14 November is 0.7843 AZN / USD.
The chairman of the board of the International Bank of Azerbaijan, Jahangir Hajiyev made the remarks Nov.14 during the VII Baku International Banking Conference of states participants of the CIS held in Baku.
He said that the decision of the Central Bank of Azerbaijan about the fivefold increase (up to 50 million AZN) of the minimum capital requirements for banks in Azerbaijan showed its effectiveness.
He said that in April 2014, the international rating agency Moody`s confirmed a stable outlook on the banking system of Azerbaijan. "Against the backdrop of negative forecasts for the other countries, it is estimated by Moody`s that over the next 12-18 months, Azerbaijani banks will continue to benefit from a favorable operating environment, stable assets quality and adequate capital reserves," he said.
There are 44 banks in Azerbaijan, two of which are state-owned.