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First VP assistant: Azerbaijani banks won't have any queues

Economy Materials 13 March 2020 11:11 (UTC +04:00)
The non-commodity sector share in Azerbaijan's economy is 60 percent, however there is some dependence in country's export, which affects the behavior of country's economic agents, Assistant on economic issues to the First Vice-President of Azerbaijan Khalid Ahadov said
First VP assistant: Azerbaijani banks won't have any queues

BAKU, Azerbaijan, March 13

Trend:

The non-commodity sector share in Azerbaijan's economy is 60 percent, however there is some dependence in country's export, which affects the behavior of country's economic agents, Assistant on economic issues to the First Vice-President of Azerbaijan Khalid Ahadov said, Trend reports.

He said that the facts and expectations always affect the behavior of consumers.

"The first fact is that coronavirus spreading affects behavior of consumers. The second fact is that oil prices have decreased by nearly $20, which is led to banks' customers forming certain expectations. However, it should be noted that the budget and macroeconomic structure of Azerbaijan differs of some countries, for example from Russia. Azerbaijani economy is built in such a way that via some kind of 'buffers' the influence of changes in oil prices is prevented. Changes in oil prices can affect the budget insignificantly or have indirect influence," he said.

Talking expectations of banking services users on the foreign currency market, Ahadov reminded that over the period of 2014-2016 sharp decrease in oil prices affected the banking sector.

He added that following that time, the banking sector has undergone significant preparations, a great number of banks have accumulated major funds.

Ahadov explained that banks do no provide foreign currency denominated loans to physical entities, which is an important factor to banks’ steadiness.

“Lately all banks have been operating in enhanced mode due to the great number of customers. It should be mentioned that certain safety measures are being taken against coronavirus threat, however banks will also be operating on holidays, and the demands will fully be met. No queues will be observed before the banks,” he said.

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