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Azerbaijan discloses commercial banks' total share in GDP

Finance Materials 22 January 2021 14:53
Azerbaijan discloses commercial banks' total share in GDP

BAKU, Azerbaijan, Jan.22

By Zeyni Jafarov – Trend:

The demand of commercial banks in Azerbaijan as of December 2020 amounted to over 15.1 billion manat ($8.9 billion) or 23.4 percent of the country's GDP, Trend reports referring to the statistical report of the Central Bank of Azerbaijan (CBA).

In accordance with the data, this figure is by 2.1 percent or 311.8 million manat ($183.4 million) more compared to the same month of the previous year.

At the same time, the net external assets of commercial banks made up almost 3.6 billion manat ($2.1 billion), which in turn is 21.7 percent (995.3 million manat or $585.47 million) less compared to early December 2019. The assets were formed by deducting total external assets worth over 5 billion manat ($2.9 billion) and external liabilities in the amount of 1.24 billion manat ($730 million).

Deposit operations in the commercial banks amounted to over 16.9 billion manat ($9.9 billion), showing a decline of 5.15 percent in annual terms. Of these, more than 8.4 billion manat ($4.9 billion) fell on deposits in national currency and slightly over 8.5 billion manat ($5 billion) - in foreign currency.

Earlier S&P Global Ratings forecasted 22.4 percent share of the Azerbaijani commercial banks in GDP in 2020. It expects this figure will 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 Jan.22)

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