Azerbaijani Central Bank: Growth of Azerbaijan’s banking sector to exceed GDP growth rate by four times

Business Materials 13 November 2013 19:25 (UTC +04:00)
The growth of Azerbaijan’s banking sector will exceed the growth rate of the GDP by four times.

Baku, Azerbaijan, Nov. 13
By Emin Aliyev - Trend: The growth of Azerbaijan's banking sector will exceed the growth rate of the GDP by four times, the chairman of the Azerbaijani Central Bank (CBA) Elman Rustamov said on Nov 13, during the discussion of draft budget for 2014 in the country's Milli Mejlis (parliament).

"The banking sector continues to develop in all directions. The volumes of deposit and credit portfolios also increased. The assets of the country's banking sector have increased by 24 times in last 10 years. We expect that for 2013, the growth of credit and deposit portfolios of the country's banks will be recorded between 20-22 percent which exceeds the expected growth rate of the country's GDP for the end of 2013 by 4-5 times," Rustamov said.

Some 43 banks operate in Azerbaijan.

According to Rustamov, such a tendency is expected in the activity of non-bank credit organizations.

"The credit portfolio of nearly 145 non-bank credit organizations operating in the country has also increased by almost four times. It is interesting that even greater growth rates are observed in crediting in regions (over 30 percent)," the CBA head said.