FIMSA: Azerbaijan-based banks granted AZN 1.7B in loan in first quarter

Capital injection in Azerbaijan-based banks during three years amounted to AZN 1.8 billion, Acting Chairman of the Financial Markets Supervisory Authority (FIMSA) Ibrahim Alishov said at the Finance and Technology Summit 2019 (FINTEX Summit).

According to him, of this, AZN 120 million fell to share of the first quarter of 2019.

‘Capital adequacy had never exceeded 20% in the Azerbaijan’s banking history. This index is now 20.2% and indicates that the sector is sustainable. Moody’s assessed Azerbaijan as the best country in the region for capital durability’, Alishov said.

Moreover, Azerbaijan-based banks enhanced lending: ‘In the first quarter of 2019, banks granted AZN 1.7 billion in loan. Deposit dollarization is declining’.

Alishov also noted that GDP growth in the first quarter made up 3%, including non-oil sector – 1.7%. Annual inflation dropped from 4% to 2%.