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Capitalization of Azerbaijan’s banking sector increases

Business Materials 12 March 2014 16:18 (UTC +04:00)

Baku, Azerbaijan, March 12
By Emin Aliyev - Trend:

The capitalization of Azerbaijan's banking sector increased by 34.9 percent in January 2014 compared to January 2013 and amounted to 3.44 billion manat, according to the statistics report of the Central Bank of Azerbaijan.

There were 41 banks with the capital worth over 10 million manat as of the reporting period, according to the Central Bank of Azerbaijan's statistics report. This did not change compared to late January 2013.

The specific weight of this category in the total volume of capital of all the country's banks amounted to 99.8 percent as of the reporting period.

There were no banks with capital ranging from five million manat to ten million manat in January 2014 as in January 2013.

There were two banks with capital ranging from 3.5 million manat to five million manat as of the reporting period. The specific weight of this category in the total volume of capital of all the country's banks amounted to 0.2 percent as of the reporting period.

The Central Bank's requirement for the minimum amount of total capital of banks is set at 50 million manat by late 2014.

Some 43 banks operate in Azerbaijan.

The official exchange rate is 0.7844 AZN/USD on March 12.

Translated by NH
Edited by CN

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