â€˜Positive economic trends having effect on baking sectorâ€™ - FMSA
- 05 May 2018
"The crisis that has been going on all over the world since 2014 has affected Azerbaijan's economy in some ways,” Financial Markets Supervisory Authority official Taleh Nehmatov said at the 2nd Financial and Investment Forum (FIF2018) on Saturday, APA-Economics reported.
According to him, in spite of the external economic impacts, Azerbaijan has managed to restore its economic development in 2017.
"12 percent inflation in Azerbaijan has already dropped to 4 percent. The non-oil GDP made up 2.9 percent. Positive trends in the economy are having an effect on the banking sector as well," he said.
He noted that positive trends are already being observed in the banking sector.
“Banks constitute 97% of the financial sector and the insurance sector represents 2.7%. The growth rate has been regained. There is some increase in fees and commitments as well. However, there is still some delay in the field of lending. The highly liquid assets in the sector amounted to 6.1 billion, current liabilities to 10.6 billion, and savings portfolio to 7.5 billion manats. The total capital was 3.2 billion dollars,” he said.
Nehmatov underlined that capital adequacy in the banking sector amounted to 19 percent last year.
"There is a positive tendency in the loans issued. In 2017, 5 billion manat loans were issued. 64 percent of this amount was issued for real business purposes,” he said.