Baku, Azerbaijan, Oct. 4
By Azad Hasanli – Trend:
In August 2017, Azerbaijani banks’ liabilities to the country’s Central Bank (CBA) decreased to 609.3 million manats, or by almost three times compared to the volume of liabilities in early 2017, according to the report of the country’s Financial Market Supervisory Authority.
Since the beginning of the year, banks have reduced their liabilities by 10 percent, from 29.53 billion manats to 26.57 billion manats, according to the report. The main share of liabilities accounted for deposits - 20.16 billion manats (a 3.5 percent reduction since the beginning of the year).
During January-August 2017, the assets of the banking sector decreased by 6.05 percent, and amounted to 29.5 billion manats as of September 1, 2017.
The main reason for the assets’ reduction was a 25 percent decrease in the volume of loan portfolios of banks - to 11.9 billion manats compared to the volume of banks’ loan portfolios in the beginning of the year. Loans allocated to banks and other financial institutions also significantly reduced. Since the beginning of the year, their volume has decreased by almost threefold, to 295 million manats.
There are 31 banks in Azerbaijan, including two state-owned ones.