Capitalization of Azerbaijani banking sector ups by almost 13 percent

Business Materials 5 May 2012 12:42 (UTC +04:00)

Azerbaijan, Baku, May 5 / Trend A.Akhundov /

Capitalization of the banking sector in Azerbaijan increased by 0.44 percent in February, 2012, and by 12.7 percent compared to February 2011 amounting to 2.467.7 billion manat as of March 1, 2012, the statistical report of the Central Bank of Azerbaijan (CBA) said on Saturday.

According to the CBA, the number of banks with capital exceeding 10 million manat hit 42 in February 2012, and remaining unchanged compared with the previous month and increasing by 2 units compared to February 2011. Share of this category of banks in the total volume of capital of all banks was 99.5 per cent in February and in January and 98.5 per cent in February, 2011.

At present two banks do meet the CBA requirement on capitalization (the minimum size of the capital should be 10 million manat). The first bank (with share of 0.3 per cent) has capital ranging from 5 million to 10 million manat, and the second (0.2 per cent) - from 3.5 million to 5 million manat.

The official exchange rate is 0.786 manat to $1 on May 5.