“Past years were marked with restructuring of Azerbaijan’s banking sector. According to the reports of Fitch Ratings, the consolidation processes in the banking sector may also continue in forthcoming years. This will enhance banks and will stabilize overall banking sector in Azerbaijan”, Gunay Jalilova, Head of Corporate Banking Department and Supervising Marketing Department at AccessBank, said at the Azerbaijan-Germany business forum.
According to her, rise in oil prices from 30 to 50 US dollars and number of measures taken by government authorities resulted in currency stabilization: “Stable exchange rate allows achieving some recovery in lending in foreign currency. Due to lower interest rate financing in foreign currency is more attractive especially for export-oriented businesses, which have their revenues in foreign currency.”
Jalilova added that stabilization of exchange rate has also had a significant impact on some slowdown of dollarization in economy: “For instance, in AccessBank, we observe a growth in manat deposit portfolio as a signal of increasing trust in local currency”.