Azerbaijani banks’ liabilities to central bank increase threefold for year
Baku, Azerbaijan, June 17
By Anvar Mammadov – Trend:
The banks’ liabilities to the Central Bank of Azerbaijan (CBA) increased by 2.78 times for the year and amounted to 6.31 billion manat as of May 1, said the CBA’s report as of Jan.-April 2016.
The official exchange rate is 1.515 AZN/USD as of June 17.
The liabilities increased by 17.3 percent compared to early 2016 and reduced by 1.7 percent in April.
For comparison: as of Jan.-April 2015, the commercial banks’ liabilities to the CBA amounted to 2.27 billion manat, while as of early 2016 - 5.41 billion manat, as of late March – 6.42 billion manat.
The liabilities increased because banks drew additional funds from the CBA to support own liquidity after the devaluation of the manat [manat rate decreased by almost 100 percent in 2015].
The volume of foreign liabilities of the CBA remained unchanged since early 2015 and amounted to 700,000 manat.
The CBA’s official international reserves decreased by 2.04 times for the year - from $8.39 billion to $4.12 billion.
During the reporting period, the CBA’s net liabilities to the state increased by 24 percent and amounted to 5.76 billion manat compared to the same period of 2015. For comparison: the volume of liabilities amounted to 4.64 billion manat in Jan.-April 2015.