BAKU, Azerbaijan, June 3
By Zeyni Jafarov - Trend:
The net external assets of the Azerbaijani commercial banks as of early May 2021 increased by 8.4 percent on an annualized basis up to 4.4 billion manat ($2.6 billion), Trend reports on June 3 with reference to the statistics report of the Central Bank of Azerbaijan (CBA).
In accordance with the report, the banks' net foreign assets were formed as a result of deducting total foreign assets in the amount of more than 5.8 billion manat ($3.4 billion) and external liabilities in the amount of 1.08 billion manat ($635.3 million).
The deposit operations of commercial banks as of early May 2021 amounted to 19.2 billion manat ($11.3 billion), which is 9.2 percent more than in the same month of last year. Some 10.3 billion manat ($6.05 billion) of that volume accounted for deposits in national currency while 8.9 billion manat ($5.2 billion) - for foreign currency.
According to S&P Global Ratings forecasts, the share of commercial banks in Azerbaijan's GDP will gradually decrease in 2021-2022, amounting to 20.5 percent and 19.6 percent, respectively while it will be at the level of 19.6 percent in 2023.
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