World financial crisis hampers raising foreign credit lines by Azerbaijani banks

The world economic crisis did not affect the banking sector of Azerbaijan significantly, yet it is incorrect to reject its complete influence in conditions of globalizing economies, said chairman of the IBA board Cahangir Hajiyev.

He said mostly the crisis implications affected opening of new credit lines for banks, on accreditations and so on.

"But again the problem does not lie in the banking sector of Azerbaijan. It is rather an issue of the crisis of liquidness on the world markets. On the other hand, foreign  borrowings of Azerbaijani banks do not reach the level, which would cause the large affection.

For example, through the past year the International Bank has repaid up to $500 mln of short-term borrowings and in period of sharp crisis we repaid $150-160 mln, which did not affect either the banking system, or the bank itself or our customers. We have enough means, diversified passives, therefore we do not depend on one source", said Hajiyev.

/Day.Az/