Wed 11 November 2009 | 08:13 GMT Text size:

Elman Rustamov

The Central Bank of Azerbaijan has claimed of local banks’ immunity to the global crisis.

At yesterday’s Milli Majlis session CBA chairman of board Elman Rustamov said that the domestic banking system that raised $2.5 bn from abroad before the crisis and encountered the stoppage in credit resource disbursal during the crisis period, has repaid $1.5 bn of foreign liabilities.

“At the same time the country has no one bank which would fail to meet its domestic or foreign liabilities. The local banks have immunity to the global crisis,” Rustamov stated.

He illustrated this position by statistical data as of 1st October of the year: domestic banks’ assets rose by 5%, their crediting for real sector by 8%, and population’s deposits in banks by 11%.

“Up to 72% of loans for real sector bears long-term character,” he emphasized.

Fineko/abc.az