Azerbaijan, Baku, September 3 / Trend , N.Ismayilova /
Central Bank of Azerbaijan (CBA) takes measures to eliminate the deflation processes and post-crisis factors in the economy, Chairman of the Central Bank Elman Rustamov said.
"One of the main tasks of the CBA is to eliminate all negative factors arising from crisis, and the Central Bank is more concerned about the deflation processes, which affect the real sector of the country, said Rustamov. - However, over recent months a gradual increase in the price level has been recorded and this tendency is expected to continue in September."
According to him, in 2009 the Central Bank of the country allocated $130 million, which makes up only 0.2 percent of GDP, to support commercial banks in implementing external liabilities.
"This factor confirms the stability of the banking sector in the country, and now all the banks timely implement their obligations," said Rustamov.
Since the beginning of the global financial crisis, Azerbaijani banks have repaid external debt totaling $1.9 billion. In the light of the revival of world financial markets, Azerbaijani banks also attracted $400 million, said Rustamov.
According to him, today the profitability on bank assets is 2.9 percent. In addition, credit growth is recorded in the country, money supply growth is 10-15 percent.
"In general, the share of overdue loans in the loan portfolio is about 3.6 percent, while capital adequacy is 19 percent compared to normative requirement of 12 percent," he said.
This year the Central Bank supported the liquidity in the economy in amount of $2 billion, of which $750 million was provided under the state guarantee on a long-term basis.
According to Rustam, Azerbaijan continued economic growth, which during the reported period amounted to 2.7 percent, in non-oil sector - 3.6 percent, while in oil sector - 2.3 percent.
"One of the important tasks of the Central Bank today is to maintain the stable rate of the national currency. Our currency is stable and does not have a negative impact on the competitiveness of the country," said the head of the CBA.
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