Baku, Azerbaijan, Sept. 4
By Zulfiyya Gurbanova - Trend:
The capitalization of Azerbaijan's banking sector increased by 23.6 percent in July 2014 compared to July 2013 and amounted to 3.705 billion manat as of August 1, 2014, according to the Central Bank of Azerbaijan's report for the first seven months of 2014.
There were 42 banks with capital worth over 10 million manat as of the reporting period, according to the Central Bank of Azerbaijan's statistics report. This increased by 1 unit compared to late July 2013. The specific weight of this category in the total volume of capital of all the country's banks amounted to 99.7 percent as of the reporting period.
The capital of one bank ranged from five million manat to 10 million manat, the capital of other bank ranged from 3.5 million manat to five million manat. The specific weight of this category in the total volume of capital of the country's all banks amounted to 0.2 percent and 0.1 percent as of the reporting period.
The Central Bank's requirement for the minimum amount of the banks' total capital is set at the level of 50 million manat by late 2014.
In Azerbaijan as of the second quarter of 2014, there were 42 commercial banks and one state-owned bank. There are 22 banks with foreign capital. The share of foreign capital ranges from 50 to 100 percent in seven of them, while up to 50 percent in 13 banks. There are also two local branches of foreign banks.
The official exchange rate is 0.7843 AZN/USD on Sept. 4.