FIMSA: Ensuring of effectiveness and increase of financial function in banking sector is a strategic challenge

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1 March 2018

If we don’t take account the restructuring of International Bank of Azerbaijan, the assets in this sector increased by about AZN 10 million, Deputy Executive Director of the Financial Markets Supervisory Authority (FIMSA) Asim Zulfugarov said at the annual conference of Fitch Ratings held in Baku.

 

According to him, no significant change was observed in the exchange rate of currency during the past period: ‘Therefore, this increase is acceptable. Decline in the loan portfolio stopped at the end of 2017. Liquid assets made up AZN 6.7 billion, which makes up 24% of banking sector’s assets. The instant liquidity ratio is above 30%. Our next challenge is related to ensuring of effectiveness and increase of financial function. Moreover, we see decline in liabilities in the past period. Population’s confidence in the banking sector increased and this led to growth in manat deposits. The banking sector manifested its reaction to dollarization and the dollarization in assets decreased. Generally, 19 banks ended 2017 on profit, 11 on loss’.

 

 

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