BAKU, Azerbaijan, Nov. 13
By Zeyni Jafarov – Trend:
The demand for commercial banks in Azerbaijan in early October 2020 amounted to 14.9 billion manat ($8.8 billion) or 28.7 percent of the country's GDP, Trend reports with reference to the statistics report of the Central Bank of Azerbaijan (CBA).
In accordance with the data, this figure is by 0.7 percent or 108.9 million manat ($64.05 million) more compared to the last month of this year.
However, the demand for commercial banks compared to the beginning of the year decreased by 1.5 percent or 229.8 million manat ($135.2 million), the CBA report said.
This indicator increased by 7.2 percent or 999.7 million manat ($588.05 million) compared to the same period of last year.
In accordance with the forecast of S&P Global Ratings, the share of the Azerbaijani commercial banks in GDP will amount to 22.4 percent this year.
S&P Global Ratings expects this figure to gradually decline in 2021-2022, remain at 20.5 percent, and 19.6 percent, respectively and remain unchanged at 19.6 percent in 2023.
(1 USD = 1.7 AZN on Nov. 15)
---
Follow the author on Twitter: @jafarov_zeyni