Capitalisation of Azerbaijan’s banking sector increases by over a third per year
Azerbaijan, Baku, Oct. 5 /Trend, I. Khalilova /
The capitalization of the Azerbaijani banking sector increased by 35.3 percent in January-August 2013 and amounted to 3.07 billion manat as of Sept. 1, the Azerbaijani Central Bank's (CBA) statistics report said.
As the CBA new requirement to the total capital of banks comes into force from January 1, 2014, envisaging its increase fivefold - up to 50 million manat, the banking sector actively replenished its capital base during this year.
According to the CBA, the number of banks with capital exceeding 10 million manat was 41 during the reporting period, while in January-August of last year the number was 39. The share of these banks in the total capital of all banks in the country stood at 99.7 per cent following the reporting period.
During the reporting period there were no banks with capital ranging from five million manat to 10 million manat, whereas two such banks were present on the country's banking market in August last year. There were two banks with a capital of 3.5 million manat to five million manat following the reporting period.
The share of these banks in the total capital of all banks in the country following the reporting period amounted to 0.3 per cent.
There are 43 banks in Azerbaijan.
The official exchange rate is 0,7845 AZN/USD on Oct. 5.