Central Bank: Bankisation of Azerbaijan reaches level of Eastern Europe countries

Business Materials 8 May 2012 22:06 (UTC +04:00)

Azerbaijan, Baku, May 8 / Trend A.Akhundov /

Today, Azerbaijan has reached the level of Eastern European countries in terms of population coverage by banking services, i.e. the number of banking institutions and payment points per thousand people, chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said on Tuesday in a speech at the presentation of a special issue of The Business Year, dedicated to Azerbaijan.

"In the past ten years, support for the banking sector of the economy of the country significantly increased. Credit to the economy has grown by 25 times, deposits increased by 35 times," Rustamov said.

He said that in the country during this period of time a modern banking infrastructure has developed, including the payment system, mortgage system, deposit insurance and other important institutions.