BAKU, Azerbaijan, August 2
By Zeyni Jafarov - Trend:
S&P Global Ratings (S&P) assessed the Azerbaijani banking sector again and put the country's banking system in group "9" in accordance with the Banking Industry Country Risk Assessment (BICRA) system, Trend reports with reference to S&P.
Other countries in this group are Egypt, Kazakhstan, Turkey and others.
“The Azerbaijani banking system has big foreign assets and a low level of borrowing, which partially reduces the risks associated with the economic downturn,” the message said. “Moreover, the local financial system is virtually independent of external funding.”
Earlier, Standard & Poor's predicted the growth of Azerbaijan's GDP in 2022-2024 by an average of 3.9 percent.
At the same time, Standard & Poor's said that the banking sector of the CIS countries is subject to the high credit risks.