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Demand of commercial banks in Azerbaijan continues to drop

Finance Materials 1 March 2021 13:03 (UTC +04:00)
Demand of commercial banks in Azerbaijan continues to drop

BAKU, Azerbaijan, Mar.1

By Zeyni Jafarov – Trend:

The demand of commercial banks in Azerbaijan made up 14.88 billion manat ($8.75 billion) as of early February 2021, Trend reports on Mar.1 referring to the statistical report of the Azerbaijani Central Bank (CBA).

According to the CBA, this figure demonstrates a decrease by 2 percent, or 296.8 million manat ($174.6 million), compared to the figure as of early February 2020.

Besides, this figure declined in January 2021 by 56.5 million manat or $33.2 million (0.4 percent), added the CBA.

As earlier reported, S&P Global Ratings expects that the share of commercial banks in Azerbaijan in GDP will gradually decrease in 2021 and 2022 and will amount to 20.5 percent and 19.6 percent, respectively, and in 2023 it will remain at 19.6 percent.

(1 USD = 1.7 AZN on Mar.1)

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