Demand of Azerbaijani commercial banks increases
BAKU, Azerbaijan, Sept.29
By Fidan Babayeva - Trend:
The demand of commercial banks in Azerbaijan amounted to 14.8 billion manat ($8.7 billion) or 32.3 percent of the country's GDP as of September 1, 2020, Trend reports citing Central Bank of Azerbaijan (CBA).
According to CBA, the mentioned figure rose by 0.8 percent or 121.4 million manat ($71.4 million) over the year.
At the same time, the demand of commercial banks decreased by 1.3 percent or 200.9 million manat ($118.1 million) compared to the beginning of the year, and compared to the same period of 2019, the commercial bank’s demand grew by 9.1 percent or 1.2 million manat (over $0.7 million).
According to the latest forecast of the S&P Global Ratings agency, this year the share of Azerbaijani commercial banks in GDP will be 22.4 percent. The agency expects this figure to gradually decline in 2021-2022 and will remain at 20.5 percent and 19.6 percent, respectively, and in 2023 will remain unchanged at 19.6 percent.
(1 USD = 1.7 manat on Sept. 29)
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