Azerbaijan's banking sector capitalization increases by over 20%
Baku, Azerbaijan, Nov. 3
By Azad Hasanli - Trend:
The capitalization of Azerbaijan's banking sector increased by 20.25 percent in September 2014 compared to September 2013 and amounted to 3.792 billion AZN as of October 1, 2014, the Central Bank of Azerbaijan's (CBA) report for the nine months of 2014 says.
There were 42 banks with capital worth over 10 million AZN as of the reporting period, according to the Central Bank of Azerbaijan's statistics report. This increased by 1 unit compared to late September 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.
The capital of one bank ranged from 5 million AZN to 10 million AZN, the capital of other bank ranged from 3.5 million AZN to 5 million AZN. The specific weight of this category in the total volume of capital of the country's all banks amounted to 0.1 percent as of the reporting period.
The CBA requirement to the minimum amount of aggregate capital of the banks is set at the level of 50 million AZN by late 2014.
There are 44 banks in Azerbaijan: 42 commercial banks and 2 state-owned banks as of the third quarter of 2014. 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 0.7844 AZN/USD Nov. 3.