BAKU, Azerbaijan, May 5. Azerbaijan's financial sector is rapidly developing, President of Azerbaijan Banks Association (ABA) Zakir Nuriyev said during an event dedicated to the 100th anniversary of national leader Heydar Aliyev, Trend reports.
Nuriyev noted the important role of the banking sector for both the population and businesses.
"Today, every citizen of our country can use the financial instruments of banks and non-banking organizations of the country. We don't see the need to apply to foreign banks for money or for opening deposits. Our banks today are among the most stable ones in the region," Nuriyev said.
The net profit of the banking sector as of March 31, 2023 in Azerbaijan increased by 94 million manat ($55.2 million), or 54.05 percent compared to the same period in 2022 growing from 173.9 million manat ($102.2 million) to 267.9 million manat ($157.5 million).