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Demand for Azerbaijani commercial banks grows year on year

Finance Materials 3 December 2020 15:02 (UTC +04:00)
Demand for Azerbaijani commercial banks grows year on year

BAKU, Azerbaijan, Dec.3

By Zeyni Jafarov – Trend:

The demand for commercial banks in Azerbaijan in early November 2020 amounted to 15.3 billion manat ($9 billion) or 26.2 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 7.9 percent or 1.12 billion manat ($660 million) more compared to the last month of this year.

At the same time, the demand for commercial banks grew by 0.8 percent or 128.2 million manat ($75.4 million) compared to the beginning of the year, the CBA report said.

This indicator rose by 2.4 percent or 358 million manat ($210.7 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 also remain unchanged at 19.6 percent in 2023.

(1 USD = 1.7 AZN on Dec.3)

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