Azerbaijan, Baku, August 22/Trend, A.Akhundov/
Azerbaijani Central Bank (CBA) estimates the level of population trust in banking sector and believes that such attitude is based on long-term financial sustainability and stability of the system, the Central Bank told Trend on Wednesday.
"Even against the most complicated global background the country's banking sector maintained stability and development pace, promoted the security of resources of population and creditors," Central Bank said.
According to CBA, growth rate of deposit base remains high. In particular, population deposits increased by 3.6 times and the average annual growth amounted to 28 per cent in last five years. Deposits of population increased by 16 per cent and hit 5.9 billion manat in the first six months of 2013. As of July 1, the total deposit base of the sector hit 11.4 billion manat, or 75 per cent of its liabilities.
"Meanwhile, on the basis of international best practice, Central Bank continues to pursue a policy for protection of interests of depositors and investors. CBA continues work on improvement of Banking Supervision Institution and macro-prudential frameworks. The Central Bank increased requirement for minimal amount of banks' aggregate capital by five times - to 50 million manat, as a result of which, the aggregate capital of the whole sector increased by 17 per cent and exceeded 3 billion manat. Moreover, the regulator tightened the requirements in the spheres of corporative management and risk management. Besides the increase of quantitative figures, the Central Bank also pays attention to the improvement of quality criteria," CBA said.
Official exchange rate on August 22 is 0.7843 AZN/USD.