Azerbaijani Central Bank stresses downward trend in bad assets

Business Materials 9 October 2012 16:37 (UTC +04:00)

Azerbaijan, Baku, Oct. 9 / Trend A. Akhundov /

The Azerbaijani Central Bank has stressed the downward trend in the share of bad assets in banks operating in the country.

"We do not see the growth of bad assets in the banks," CBA director general Rashad Orujov told Trend today. "Their share is at a moderate level. We think that at present, the banks resolved this problem. The stabilization is underway. We see a downward trend in the share of bad assets."

He said that the banks are now doing their best to resolve the issue.

"Some time is required to resolve these problems," he said. "The administrative procedures - the courts, the removal of deposits, their implementation take some time. The situation is stabilizing. We do not see disturbing situations."

He added that the downward trend will continue in 2013.

"This trend will continue in 2013 as the general background and the economic situation are very good," he said. "Economic growth is being ensured, mainly due to the non-oil sector, which is very important. Our banks finance and maintain the non-oil sector, so the background is very positive."

Around 43 banks operate in Azerbaijan.