Central Bank of Azerbaijan expects growth of banking assets by 15-20 percent

Business Materials 9 October 2012 20:49 (UTC +04:00)

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

Growth in total assets of the banking sector will be at the level of 15-20 percent in Azerbaijan in 2013, Director General of the Central Bank of Azerbaijan Rashad Orujov told Trend.

"We believe that we need a moderate, healthy and stable growth - somewhere around 15-20 percent," Orujov said.

He noted that the banking sector has increased by 11 percent during the first nine months.

"We believe that it is very healthy and strong growth," Orujov said.

The CBA noted that the total assets of banks in Azerbaijan amounted to 14.78 billion manat in July, increasing by 12.48 percent from the beginning of the year.

There are 43 banks in Azerbaijan.

Official exchange rate on Oct 9 is 0.7851 AZN/USD