Foreign debt of Azerbaijani banks makes just 18% of their overall liabilities

The main indicators of the banking system of Azerbaijan have risen by 9-10 times through the past five years, said chairman of the board of the National bank of Azerbaijan Elman Rustamov at a conference "Financial markets of the Commonwealth countries: development and integration" in Baku.

He said the assets of the banking system top 60% of non-oil GDP today, while the foreign debt of the banks is just 18% of their overall liabilities. Moreover, a fourth part of the consumption of the population is financed from banking credits, while the share of nonoperating credits is just 2.5% of the credit portfolio.

According to Rustamov, since the beginning of the year, the credit portfolio of the banks has risen by 42%, the volume of deposits is rising by 50% each year.

He noted that the stability in the banking sector is promoted by dynamic growth rates of Azerbaijani economy. "The strategic monetary reserves top the gross foreign debt by 1.7 points. Through the past five years the state budget rose 9 times, including state investments growing by 33 times. Half of the investments fall on the state investments", said he. 

/Day.Az/