Banks hold 66% of assets of Azerbaijan’s financial system

Baku. 5 March. REPORT.AZ/ As at the end of 2018, assets of the Azerbaijan’s financial system amounted to AZN 44.9 billion, Report informs citing the Cabinet of Ministers.

According to the Cabinet, 65.8% of assets are in banks, 30.9% in Non-Banking Credit Institutions (NBCI – including credit unions), 2.8% in insurance companies, 0.5% in investment companies.

The government said that the high share of NBCIs in assets was caused by the transfer of IBA’s toxic assets to Agrarkredi CJSC.