CBA considers Moody's rating on banking system objective
Azerbaijan, Baku, August 31 / Trend N. Ismayilova /
Central Bank of Azerbaijan (CBA) considers international rating agency Moody's rating on the banking system as objective, the CBA said.
"The rating coincides with the position of the CBA. It objectively reflects the processes in the banking sector. The rating confirms strengthening of capitalization and profitability, improves asset quality and stabilization of liquidity," the CBA said.
International rating agency Moody's in August changed the forecast of Azerbaijani banking system from negative to stable. It reflects the recent stabilization of the quality of bank assets, liquidity and improves profitability and capitalization.
According to the report, banks also get benefit from the relatively stable macroeconomic situation in Azerbaijan. Weak banking penetration allows long-term growth of the sector.
Prospects reflect Moody's expectations for basic conditions to obtain loans in the banking system of Azerbaijan within the next 12-18 months.