Azerbaijan Banks Association talks on situation in banking sector

Finance Materials 27 March 2020 09:32 (UTC +04:00)
Azerbaijan Banks Association talks on situation in banking sector

BAKU, Azerbaijan, March 27


The situation in the banking and credit sector of Azerbaijan remains stable, Chairman of Azerbaijan Banks Association (ABA) Zakir Nuriyev told Trend.

Nuriyev said that no changes are observed in the credit policy of the Azerbaijani economy by banks, and loans are issued in accordance with generally accepted standards in the banking sector of Azerbaijan.

On the other hand, it is necessary to take into account the current situation on world markets and take into account that the country, like the whole world as a whole, is faced with a similar situation for the first time in its history, the chairman noted.

In this regard, the situation in the country's credit sector is under strict control, and if necessary, the banking community will be ready to demonstrate a quick reaction and take appropriate measures, said Nuriyev.

Amid the adverse impact of the coronavirus pandemic to the world economy, as well as the breakdown of the OPEC + agreement between the main oil exporters in early March, oil prices decreased more than two years ago, in connection with which the Central Bank of Azerbaijan (CBA) decided to leave the discount rate unchanged at 7.25 percent, while the upper limit of the interest rate corridor was maintained at 9 percent, and the lower limit was raised to 6.75 percent.

Nevertheless, equilibrium is ensured in the country's foreign exchange market primarily as a result of the coordinated activities of the Azerbaijani government and the CBA in the face of external shocks.