Azerbaijan, Baku, June 24 / Trend N. Ismayilova /
Azerbaijani banks created necessary level of reservation for timely payment of obligations on foreign borrowings, the Central Bank's board first deputy chairman Alim Guliyev said on June 24.
"As of early June, Azerbaijani banks paid their obligations in accordance with schedule. Non of banks has debt and delay in payments," Guliyev said.
This process will be controlled by the Central Bank during next six moths, he said.
"Azerbaijani banks have sufficient security to fulfill these obligations. Presently, no appeals of banks to the central bank are expected on this regards. So, each bank has created necessary level of reservations," deputy chairman said.
According to the Central Bank, banks will pay $1.3-1.4 billion in 2009. But significant fact includes drawing new loan lines from abroad that was resumed last months. Loan lines are expected to be resumed and refinanced.
Banks returned $400 million foreign borrowings returned within 4 months of 2009. Foreign debt of banking sector hit $2.5-2.6 billion in 2008. Roughly $1 billion is expected to be returned in 2009. Most number of payments is expected to take place in the end of the second quarter and the fourth quarter.
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