Moody's: Third of total assets of Azerbaijan’s banking sector accounts for IBA (PHOTO)
Baku, Azerbaijan, May 24
By Anvar Mammadov – Trend:
About a third of the total assets of Azerbaijan’s banking sector accounts for the International Bank of Azerbaijan (IBA), Moody's international credit rating agency’s expert Petr Paklin said at an annual summit on Azerbaijan in Baku May 24.
He said that 31 percent of total assets accounted for IBA.
"This is eight percentage points less than at the end of 2016,” he added. “Thirty percent more account for the country’s three biggest private banks, namely, PASHA Bank, Kapital Bank and Xalq Bank. The assets of the remaining 26 Azerbaijani banks make up 39 percent of the total amount."
According to Azerbaijan’s Financial Market Supervisory Authority (FIMSA), the total amount of assets of the country's banks amounted to 27.9 billion manats in January-March 2018, which is 0.5 percent less than at the beginning of the year.
The annual conference of Moody's international rating agency kicked off in Baku May 24. The conference has been dedicated to the discussion of Azerbaijan's sovereign rating and the short-term and long-term impact of low oil prices on the country's economy, trends in the country’s banking sector and in the world oil market.
A workshop on simulation of the rating assignment process will be also held during the conference.
(1.7 manats = $1 on May 24)
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