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Central Bank of Azerbaijan releases 1Q2021 net external assets of local commercial banks

Finance Materials 11 May 2021 10:02 (UTC +04:00)
Central Bank of Azerbaijan releases 1Q2021 net external assets of local commercial banks

BAKU, Azerbaijan, May 11

By Zeyni Jafarov - Trend:

The net external assets of commercial banks in Azerbaijan decreased by 3.4 percent over the first quarter of 2021, compared to the same period of 2020, having stood at 4.43 billion manat ($2.6 billion), Trend reports citing the statistical report of the Central Bank of Azerbaijan (CBA).

According to the report, banks' net external assets were formed by deducting total external assets worth over 5.79 billion manat ($3.4 billion) and external liabilities worth over 1.09 billion manat ($641,000).

“Deposit operations of commercial banks in the specified period amounted to 18.7 billion manat ($11 billion), having grown by 2.9 percent on annual basis. Of these, 9.72 billion manat ($5.71 billion) fell on deposits in national currency, 8.98 billion manat ($5.28 billion) - in foreign currency,” the CBA report reads.

According to forecasts of S&P Global Ratings, the share of commercial banks in Azerbaijan's GDP will gradually decrease in 2021 and 2022, amounting to 20.5 percent and 19.6 percent, respectively, and in 2023 it will be at the level of 19.6 percent.

(1 USD = 1.7 AZN on May 11)

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